A feature-length film is considered to be a blockbuster in the United States if its domestic box office receipts exceed $100,000,000. One of the most successful studios in producing blockbuster films is Walt Disney Studios. The probability that any feature film produced becomes a blockbuster is 1.2%. Disney Studios releases 3% of US feature length films. For all other studios (i.e., not Disney), the probability that a film become a blockbuster is 1%. a. Build a 2 × 2 contingency table which includes all joint and marginal probabilities that feature-length films are (1) released by Disney Studios and (2) become blockbusters. Using the information from the contingency table, estimate the probability that a film becomes a blockbuster if it was released by Disney Studios. b. If Disney Studios releases 20 films next year, what is the probability that the studio will have multiple (i.e., more than one) blockbusters? NOTE-Show the Excel function (with specific inputs) that you used to compute this probability
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
A feature-length film is considered to be a blockbuster in the United States if its domestic box office receipts exceed $100,000,000. One of the most successful studios in producing blockbuster films is Walt Disney Studios. The
a. Build a 2 × 2
Using the information from the contingency table, estimate the probability that a film becomes a blockbuster if it was released by Disney Studios.
b. If Disney Studios releases 20 films next year, what is the probability that the studio will have multiple (i.e., more than one) blockbusters?
NOTE-Show the Excel
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