UsingR (version 2.0-7)

diamond: Price by size for diamond rings

Description

A data set on 48 diamond rings containing price in Singapore dollars and size of diamond in carats.

Usage

data(diamond)

Format

A data frame with 48 observations on the following 2 variables.

carat

A measurement of a diamond's size

price

Price in Singapore dollars

Details

This data comes from a collection of the Journal of Statistics Education. The accompanying documentation says:

“Data presented in a newspaper advertisement suggest the use of simple linear regression to relate the prices of diamond rings to the weights of their diamond stones. The intercept of the resulting regression line is negative and significantly different from zero. This finding raises questions about an assumed pricing mechanism and motivates consideration of remedial actions.”

Examples

# NOT RUN {
data(diamond)
plot(price ~ carat, diamond, pch=5)
# }