Question: Refer to the previous exercise. a. Explain what the regression parameter Î² means in this context. b. Construct and interpret a 95% confidence interval for

Refer to the previous exercise.

a. Explain what the regression parameter Î² means in this context.
b. Construct and interpret a 95% confidence interval for Î².
c. Use the result of part b to form a 95% confidence interval for the difference in the mean selling prices for homes with x = 4 bedrooms and with x = 2 bedrooms.

Variable Mean StDev Mininum 1 Median 3 Maximum price Bed- rooms Predictor Constant Bedrooms S 52771.5 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 8049 3.86 0.000 R-Sq 13.2%

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