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SCENARIO 14-12 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 whether the parking is on or off campus.The population regression model hypothesized is where Y is the meter price per hour
is the number of blocks to the quad
is a dummy variable that takes the value 1 if the meter is located on campus and 0 otherwise The following Excel results are obtained.
-Referring to Scenario 14-12, what is the correct interpretation for the estimated coefficient for
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