Suppose you're running a multiple regression of Home Prices (in thousands of $) on five different treatment variables including number of bedrooms, number of bathrooms, total square feet, total lot size, and garage size, where all the treatment variables have been standardized (i.e., transformed to have a mean of zero and standard deviation equal to 1). If the coefficient on number of bedrooms is estimated to be 3, how would you interpret the coefficient on the number of bedrooms?
A. Increasing the number of bedrooms by 3, holding number of bathrooms, total square feet, lot and garage size fixed increases the average home price by a thousand dollars.
B. Increasing the number of bedrooms by 1, increases the average home price by three thousand dollars.
C. Increasing the number of bedrooms by 1 standard deviation, holding number of bathrooms, total square feet, lot and garage size fixed increases the average home price by three thousand dollars.
D. Increasing the number of bedrooms by 1, holding number of bathrooms, total square feet, lot and garage size fixed increases the average home price by three thousand dollars.
Answer: C
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