Retail Price Data for N = 60 Hard Disk Drives $\mathrm { y } =$

question 2

Essay

Retail price data for n = 60 hard disk drives were recently reported in a computer magazine. Three variables were recorded for each hard disk drive: $\mathrm { y } =$ Retail PRICE (measured in dollars)
$\mathrm { x } _ { 1 } =$ Microprocessor SPEED (measured in megahertz)
(Values in sample range from 10 to 40 )
$x _ { 2 } =$ CHIP size (measured in computer processing units)
(Values in sample range from 286 to 486 )
A first-order regression model was fit to the data. Part of the printout follows:

$$\begin{array}{lllllllll}\hline &&&\text { Dep Var }&\text {Predict }&\text {Std Err}&\text { Lower 95\%}&\text { Upper 95\% }\\ \text {OBS }&\text {SPEED }&\text {CHIP }&\text {PRICE}&\text { Value }&\text {Predict }&\text {Predict}&\text { Predict }&\text {Residual}\\1 & 33 & 386 & 5099.0 & 4464.9 & 260.768 & 3942.7 & 4987.1 & 634.1\\\hline \end{array}$$


Interpret the $95 \%$ prediction interval for $y$ when $x _ { 1 } = 33$ and $x _ { 2 } = 386$ . 2 Find and Interpret Confidence Interval

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Definitions:

Rule Utilitarian

A person who believes that the best moral action is the one that follows a set of rules, assuming those rules lead to the greatest good for the greatest number when generally applied.

Greatest Happiness

The foundational concept of utilitarianism that proposes actions are right if they aim to promote the greatest happiness for the greatest number of people.

Beneficial Effects

Positive impacts or outcomes that result from certain actions or policies.

Ethical Action

An action taken that adheres to principles of ethics, often considered morally right.