Listed below are paired data consisting of movie budget amounts and the amounts that the movies grossed. Find the regression equation, letting the budget be the predictor (x) variable. Find the best predicted amount that a movie will gross if its budget is $110 million. Use a significance level of α=0.05. Budget ($)in Millions 39 26 116 70 77 51 123 65 9 63 125 18 11 154 8 Gross ($) in Millions 119 20 107 63 119 109 102 90 53 110 206 44 17 299 54 The regression equation is y=__+__x. (Round to one decimal place as needed.) The best predicted gross for a movie with a $115 million budget is $ _____million. (Round to one decimal place as needed.)
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
Listed below are paired data consisting of movie budget amounts and the amounts that the movies grossed. Find the regression equation, letting the budget be the predictor (x) variable. Find the best predicted amount that a movie will gross if its budget is $110 million. Use a significance level of α=0.05.
Budget ($)in Millions 39 26 116 70 77 51 123 65 9 63 125 18 11 154 8
Gross ($) in Millions 119 20 107 63 119 109 102 90 53 110 206 44 17 299 54
The regression equation is y=__+__x. (Round to one decimal place as needed.)
The best predicted gross for a movie with a $115 million budget is $ _____million. (Round to one decimal place as needed.)
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