For the House Selling Prices FL data set on the text CD, when we regress y = selling price (in dollars) on x = number of bedrooms, we get the results shown in the printout.
a. One home with three bedrooms sold for $338,000. Find the residual, and interpret.
b. The home in part a had a standardized residual of 4.02. Interpret.
House selling prices and number of bedrooms