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. A linear regression was performed on these data, and the result is the linear regression equation Yi=−0.840+1.4108Xi. Determine the coefficient of determination,r2,and interpret its meaning. Determine the standard error of the estimate. How useful do you think this regression model is for predicting opening weekend box office gross? Can you think of other variables that might explain the variation in opening weekend box office gross?
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. A linear regression was performed on these data, and the result is the linear regression equation Yi=−0.840+1.4108Xi. Determine the coefficient of determination,r2,and interpret its meaning. Determine the standard error of the estimate. How useful do you think this regression model is for predicting opening weekend box office gross? Can you think of other variables that might explain the variation in opening weekend box office gross?
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
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. A linear regression was performed on these data, and the result is the linear regression equation Yi=−0.840+1.4108Xi.
Determine the coefficient of determination,r2,and interpret its meaning.
Determine the standard error of the estimate.
How useful do you think this regression model is for predicting opening weekend box office gross?
Can you think of other variables that might explain the variation in opening weekend box office gross?
Transcribed Image Text:**Title: Analysis of Online Trailer Views and Opening Weekend Box Office Gross**
The data presented in the table provides a comparison between online trailer views in millions and the box office gross in millions of dollars for film openings over two distinct weekends.
**Table Structure:**
- **Columns:**
1. **Online Trailer Views (millions)**
2. **Box Office Gross ($ millions)**
- **Two Sets of Data:**
- The first set pertains to one weekend's data.
- The second set provides data for a subsequent weekend.
**First Weekend Data:**
- The highest number of trailer views recorded is 59.849 million, corresponding to a box office gross of $35.002 million.
- Another notable example includes 99.680 million trailer views, resulting in a $54.025 million gross.
- The total sum of box office gross for the first weekend data ends at $173.563 million.
**Second Weekend Data:**
- The data also highlights 70.093 million trailer views with a $29.688 million gross as significant figures.
- The trailer view count peaks at 84.494 million, with an associated gross of $55.108 million.
- Overall, the second weekend's box office gross sums up to $106.727 million.
**Insights:**
- There is a general positive correlation between the number of trailer views and the opening weekend box office gross.
- Certain films with fewer trailer views still achieved significant box office success, indicating other influencing factors.
This data can be utilized to further explore trends and contribute to discussions in media studies programs, focusing on marketing impacts and the film industry's revenue prediction strategies.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 1 images
Recommended textbooks for you
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman