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Stats Modeling the World | 4th Edition | ISBN: 9780321854018 | Authors: David E. Bock, Paul F. Velleman, Richard D. De Veaux
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Disk drives again In Chapter 6, Exercise 4, we saw some data on hard drives. After

Chapter 7, Problem 18

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QUESTION:

Disk drives again In Chapter 6, Exercise 4, we saw some data on hard drives. After correcting for an outlier, these data look like this: we want to predict Price from Capacity.

\(\begin{array}{|c|c|}
\hline \text { Capacity (in TB) } & \text { Price (in \$) } \\
\hline 0.080 & 29.95 \\
0.120 & 35.00 \\
0.250 & 49.95 \\
0.320 & 69.95 \\
1.0 & 99.00 \\
2.0 & 205.00 \\
4.0 & 449.00 \\
\hline
\end{array}\)

Here is the regression analysis of Price vs. Capacity.

Dependent variable is Price

R-squared = 98.8%

s = 17.95

Variable Coefficient

Intercept 18.617

Capacity 103.929

a) Write the regression equation. Define the variables used in your equation.

b) What does the slope mean in this context?

c) What does the y-intercept mean in this context? Is it meaningful?

d) What would you predict for the price of a 3.0 TB drive?

e) You found a 3.0 TB drive for $300. Is this a good buy? How much would you save compared to what you expected to buy?

f) Does the model overestimate or underestimate the price for a 3.0 TB drive?

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QUESTION:

Disk drives again In Chapter 6, Exercise 4, we saw some data on hard drives. After correcting for an outlier, these data look like this: we want to predict Price from Capacity.

\(\begin{array}{|c|c|}
\hline \text { Capacity (in TB) } & \text { Price (in \$) } \\
\hline 0.080 & 29.95 \\
0.120 & 35.00 \\
0.250 & 49.95 \\
0.320 & 69.95 \\
1.0 & 99.00 \\
2.0 & 205.00 \\
4.0 & 449.00 \\
\hline
\end{array}\)

Here is the regression analysis of Price vs. Capacity.

Dependent variable is Price

R-squared = 98.8%

s = 17.95

Variable Coefficient

Intercept 18.617

Capacity 103.929

a) Write the regression equation. Define the variables used in your equation.

b) What does the slope mean in this context?

c) What does the y-intercept mean in this context? Is it meaningful?

d) What would you predict for the price of a 3.0 TB drive?

e) You found a 3.0 TB drive for $300. Is this a good buy? How much would you save compared to what you expected to buy?

f) Does the model overestimate or underestimate the price for a 3.0 TB drive?

ANSWER:

Step 1 of 7

Part(a)

General regression equation:

\(\hat{y}=b_{0}+b_{1} x\)

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