The point which is indicated in the task content; (1, 2) represents; parking costs $2 per hour for the entire day.
What is the interpretation of the point given in the task content; (1,2)?
It follows from convention that the coordinate systems are structured such that the independent variable, x be placed 1st and the dependent variable, y be placed second.
Consequently, since the cost of parking is dependent on the time for which the car is parked, then, it represents parking costs 2 per hour for the entire day.
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