The City of Johannesburg Metropolitan Municipality would like to predict the payments received from parking meters around the city, based on the number of transactions per parking meter. The file ParkingMeter contains this data from 160 randomly selected parking meters across the city.

a. Assuming a linear relationship, use the least-squares method to compute the regression coefficients b0 and b1.

b. Interpret the meaning of the Y intercept, b0, and the slope, b1, in this problem.

c. Use the prediction line developed in (a) to predict the mean total payment received from 15 transactions.

d. Compute the coefficient of determination, r2, and interpret its meaning.

e. Perform a residual analysis on your results and determine the adequacy of the fit of the model.

f. At the 0.05 level of significance, is there evidence of a linear relationship between the number of transactions and the total amount received?

g. Construct a 95% confidence interval estimate of the mean total amount received from 30 transactions.

h. Construct a 95% prediction interval of the total amount of payments of an individual parking meter with 30 transactions.

i. Construct a 95% confidence interval estimate of the population slope.

j. What other independent variables might you consider for inclusion in the model?

k. What conclusions can you reach concerning the relationship between the number of transactions and the total amount received from the parking meters in Johannesburg?