In Problem 12.9 on page 424, an agent for a real estate company wanted to predict the monthly rent for one bedroom apartments, based on the size of an apartment. The data are stored in RentSilverSpring.
a. Construct a 95% confidence interval estimate of the mean monthly rental for all one bedroom apartments that are 800 square feet in size.
b. Construct a 95% prediction interval of the monthly rental for an individual one bedroom apartment that is 800 square feet in size.
c. Explain the difference in the results in (a) and (b).