Consider the following regression equation utilizing dummy variables for explaining quarterly SALES in terms of the quarter of their occurrence:

SALESₜ = β₀ + β₂D₂,ₜ + β₃D₃,ₜ + β₄D₄,ₜ + eₜ

where: SALES = a quarterly observation of EPS
D₂,ₜ = 1 if period t is the second quarter, D₂,ₜ = 0 otherwise
D₃,ₜ = 1 if period t is the third quarter, D₃,ₜ = 0 otherwise
D₄,ₜ = 1 if period t is the fourth quarter, D₄,ₜ = 0 otherwise

The intercept term β₀ represents the average value of sales for the: