SCENARIO 17-7
as a Project for His Business Statistics Class $$Y _ { i } = \alpha + \beta _ { 1 } X _ { 1 i } + \beta _ { 2 } X _ { 2 i } + \beta _ { 3 } X _ { 3 i } + \varepsilon$$

question 182

Multiple Choice

SCENARIO 17-7
As a project for his business statistics class, a student examined the factors that determined parking
meter rates throughout the campus area. Data were collected for the price per hour of parking, blocks
to the quadrangle, and one of the three jurisdictions: on campus, in downtown and off campus, or
outside of downtown and off campus. The population regression model hypothesized is $$Y _ { i } = \alpha + \beta _ { 1 } X _ { 1 i } + \beta _ { 2 } X _ { 2 i } + \beta _ { 3 } X _ { 3 i } + \varepsilon$$
where
$Y$ is the meter price
$X _ { l }$ is the number of blocks to the quad
$X _ { 2 }$ is a dummy variable that takes the value 1 if the meter is located in downtown and off campus and the value 0 otherwise
$X _ { 3 }$ is a dummy variable that takes the value 1 if the meter is located outside of downtown and off campus, and the value 0 otherwise

The following Excel results are obtained.

$\begin{array}{lr}\hline {\text { Regression Statistics }} \\\hline \text { Multiple R } & 0.9659 \\\text { R Square } & 0.9331 \\\text { Adjusted R Square } & 0.9294 \\\text { Standard Error } & 0.0327 \\\text { Observations } & 58\end{array}$

$\text { ANOVA }$
$\begin{array}{lrrrrr}\hline & D f & \text { SS } & \text { MS } & F & \text { Significance } F \\\hline \text { Regression } & 3 & 0.8094 & 0.2698 & 251.1995 & 0.0000 \\\text { Residual } & 54 & 0.0580 & 0.0010 & & \\\text { Total } & 57 & 0.8675 & & & \\\hline\end{array}$

$\begin{array}{lrrrr}\hline & \text { Coefficients }& \text {Standard Error } &{t \text { Stat }} & {P \text {-value }} \\\hline \text { Intercept } & 0.5118 & 0.0136 & 37.4675 & 2.4904 \\\mathrm{X}_{1} & -0.0045 & 0.0034 & -1.3276 & 0.1898 \\\mathrm{X}_{2} & -0.2392 & 0.0123 & -19.3942 & 0.0000 \\\mathrm{X}_{3} & -0.0002 & 0.0123 & -0.0214 & 0.9829\end{array}$
-Referring to Scenario 17-7, predict the meter rate per hour if one parks outside of downtown and off campus 3 blocks from the quad.

• A) $?0.0139
• B) $0.2589
• C) $0.2604
• D) $0.4981

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