1. Students in a business statistics class developed a pricing model for diamond stones. The top...

1. Students in a business statistics class developed a pricing model for diamond
stones. The top and bottom portions of the data set that the students collected are
reproduced here; dots indicate that the intervening rows in the data set are not
displayed.
Diamond ID Price ($) Weight (Carats) Color Clarity Certication Body
1 8, 873 1.01 H VS2 1
2 3,635 0.52 E VSl 1
3 11,696 1 F VVSl 3
4 8,095 1 VSl 3
5 3,501 0.5 F VVS2 1
. . . . . .
. . . . . .
. . . . . .
. . . . . .
. . . . . .
304 4, 401 0.63 G VVS2 1
305 2, 942 0.46 E VVS2 1
306 3, 706 0.55 F VVS2 2
307 1, 555 0.31 E VSl 1
308 1, 098 0.33 I VS2 1
Note that color purity is a desirable characteristic of a diamond, and a grade of D indicates top
color purity, a diamond graded E has less color purity than a diamond graded D, a diamond
graded F has less color purity than a diamond graded E, and so on. Clarity is also a desirable
characteristic. The top clarity rating is IF (internally awless); other clarity ratings, in
descending order, are VVSl , VVS2, VSl, and VS2. (VVS is the notation for " very, very slightly
imperfect" and VS is shorthand for " very slightly imperfect.") Certication Body has three
dierent values, which are coded as 1=Gemological Institute of America, 2=International
Gemological Institute, and 3= HRD Antwerp.
a. How many cases (elements) are in this data set?
b. How many variables are in this data set?
c. Which variables are categorical and which variables are quantitative?
d. What type of measurement scale is used for each of the variables?
e. How many Observations are in this data set?
1

Expert Solution

orchestra answered 2 years ago

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