Question: For the House Selling Prices FL data set on the text CD, when we regress y = selling price (in dollars) on x = number

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

Variable Mean StDev Minimum l Median 03 Maximum price Bed- rooms Predictor Constant Bedrooms 126698 56357 21000 86625 123750 155625 338000 2.990 0.659 1.000 3.000 3.000 3.000 5.000 Coef SE Coef T 33778 24637 1.37 0.173 31077 049 3.86 0.000 s 52771.5

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