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 Yi = á + â1X1i + â2X2i + â3X3i + å Where Y is the meter price X1 is the number of blocks to the quad X2 is a dummy variable that takes the value 1 if the meter is located in downtown and off campus and the value 0 otherwise X3 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.
Coefficients__standard error__t statp-value

Intercept0.51180.0136 37.46752.4904

X1-0.00450.0034 -1.32760.1898

X2-0.23920.0123 -19.39420.0000

X3-.00020.0123 -0.02140.9829
What is the correct interpretation for the estimated coefficient for X2?
1) Holding the effect of the other independent variables constant, the estimated mean difference in costs between parking on campus, and parking outside of downtown and off campus is -$0.24
2) Holding the effect of the other independent variables constant, the estimated mean difference in costs between parking in downtown and off campus, and parking on campus is -$0.24 per hour.
3) Holding the effect of the other independent variables constant,
the estimated mean difference in costs between parking in downtown and off campus, and parking outside of downtown and off campus is -$0.24 per hour.
4) Holding the effect of the other independent variables constant, the estimated
mean difference in costs between parking in downtown and off campus, and parking either outside of downtown and off campus or on campus is -$0.24 per hour.