Question

The following is Excel output from a fitted linear regression model relating the sale price of a home (Y, in thousands of dollars) to age of the home (X) in years. Intercept Age Coefficients 213.365436 - 1.207517218 Standard Error Stat P-value 1.450657792 147.0819 0 0.029970869 -40.2897 1.2E-278 Lower 95% Upper 95% 210.5209309 216.2099411 -1.26628524 -1.148749195 Refer to the information above on the regression using age to predict selling price. Which of the following gives the 95% confidence interval for by and the correct interpretation? Read carefully. We are 95% confident that the true increase in median selling price for each additional year of age is -40.29 thousand and 147.08 thousand. We are 95% confident that the true decrease in mean selling price for each additional year of age is between $210.52 thousand and $216.21 thousand. We are confident that 95% of homes will see their mean selling price decrease by between $1.15 thousand and $1.27 thousand for each additional year of age. We are 95% confident true decrease in actual selling price for each additional year of age is between $1.15 thousand and $1.27 thousand. We are 95% confident that the true decrease in mean selling price for each additional year of age is between $1.15 thousand and $1.27 thousand.

Answer 1

we are 95% confident that the true decrease in mean selling price for each additional year of age is between $1.15 thousand and $1.27 thousand