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Concept explainers
Can you use Twitter activity to forecast box office receipts on the opening weekend? The following data (stored in Twitter Movies) indicate the Twitter activity (“want to see�) and the receipts
a. Use the least-squares method to compute the regression coefficients
b. Interpret the meaning of
c. Predict the mean receipts for a movie that has a Twitter activity of 100,000.
d. Should you use the model to predict the receipts for a movie that has a Twitter activity of 1,000,000? Why or why not?
e. Determine the coefficient of determination,
f. Perform a residual analysis. Is there any evidence of a pattern in the residuals? Explain.
g. At the 0.05 level of significance, is there evidence of a linear relationship between Twitter activity and receipts?
h. Construct a 95% confidence
i. Based on the results of (a)-(h), do you think that Twitter activity is a useful predictor of receipts on the first weekend a movie opens? What issues about these data might make you hesitant to use Twitter activity to predict receipts?
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Chapter 13 Solutions
Basic Business Statistics Student Value Edition Plus NEW MyLab Statistics with Pearson eText -- Access Card Package (13th Edition)
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