Hi I need some help coming up with a real world phenomenon and a model that it c

Question

Hi I need some help coming up with a real world phenomenon and a model that it could fit to through least squares. The model must involve at least two parameters to be estimated.

Please explain a problem that would fit this scenario, what the model is (linear, quadradic, exponential), and why it is a reasonable example!

You do not need to do any calculations I just need a real world example where I can then go find an example data set online and do the fitting myself. The two parameters requirement is throwing me off.

Thank you!!!

Explanation / Answer

EXAM<PLE OF REAL WORLD PHENOMENON: LEAST SQUARE FIT: TWO PARAMETERS:

Jeweler prices diamonds on the basis of (1) quality of the diamond (measured by the absence of imperfections) and (2) colour (pure white or yellow).

Here,

price (y)is the dependent variabe.

quality and colour are the 2 independent variables.

The model is linear.

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