A box office analyst seeks to predict opening weekend box office gross for movies. Toward this goal, the analyst plans to use online trailer views as a predictor. For each of the 66 movies, the number of online trailer views from the release of the trailer through the Saturday before a movie opens and the opening weekend box office gross (in millions of dollars) are collected and stored in the accompanying table.Assuming a linear relationship, use the least-squares method to determine the regression coefficients b0 and b1.Interpret the meaning of the slope, b1, in this problem.Predict the mean opening weekend box office gross for a movie that had 80 million online trailer views.What insights can be obtained about predicting opening weekend box office gross from online trailer views? Online TrailerViews (millions)55.4948.9039.6866.86282.35737.67822.2857.9734.90046.0066.19427.6332.97659.3837.27713.39012.0652.3760.4535.9258.6344.92928.2090.2905.23611.11353.5625.68528.6395.37111.70360.95077.717Opening WeekendBox Office Gross($millions)34.1434.5743.64925.009104.42063.53919.0548.4117.33335.02422.79414.1486.114149.80810.3029.5221.6913.4270.4263.6713.3290.05897.7067.25811.32216.58248.4037.26216.8105.64713.86936.648176.486Online TrailerViews (millions)6.30637.2752.04143.3664.9896.6300.9422.25811.3278.96615.17713.71431.23152.61216.2356.88411.6982.82723.07512.6060.82627.5367.2733.3234.2673.7907.59712.9127.0675.0207.73916.7957.643Opening WeekendBox Office Gross(Smillions)5.08259.70317.47085.6784.69033.3773.7051.51318.47012.2024.35730.43653.00346.60713.0033.77618.2233.47113.60240.0111.38520.1303.4041.20710.9518.34411.61413.5015.1061.98522.80013.6892.080

The independent variable is Online Trailer Views. The dependent variable is Opening Weekend Box Office Gross. We have to find the coefficient of determination and interpretation. This is simple linear regression model.EXCEL (Data Analysis) Procedure: Step 1: In EXCEL sheet, enter Online Trailer Views in one column and enter Opening Weekend Box Office Gross in one column. Step 2: In Data, select Data Analysis and choose Regression. Step 3: In Input Variable Y Range: select Opening Weekend Box Office Gross. Step 4: In Input Variable X Range: select Online Trailer Views. Step 5: Select Lables. Click Ok. EXCEL (Data Analysis) output:The least squares regression equation is y^=-0.87 + 1.408 x. b0=-0.87 b1 = 1.408 Interpretation of b1: For each increase of $ 1 million online trailer views, the predicted opening weekend box office gross is expected to increase by $ 1.408 million. The nearest actual value of opening weekend box office gross for 80 million views is $ 176.486 million. The predicted mean opening weekend box office will be $ 0.98 million. As the number of online trailer views increases, the mean opening weekend box office gross can be expected to increase.