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Concept explainers
Can you use movie critics’ opinions to forecast box office receipts on the opening weekend? The following data, stored in Tomatometer, indicate the Tomatometer rating, the percentage of professional critic reviews that are positive, and the receipts per theatre
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 Tomatometer rating of
d. Should you use the model to predict the receipts for a movie that has a Tomatometer rating of
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
Tomatometer rating and receipts?
h. Construct a
i. Based on the result of (a)-(h), do you think that Tomatometer rating is a useful predictor of receipts on the first weekend a movie opens? What issues about these data might make you hesitant to use Tomatometer rating to predict receipts?
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Chapter 13 Solutions
EBK BASIC BUSINESS STATISTICS
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