Statistics for Business & Economics, Revised (MindTap Course List)
12th Edition
ISBN: 9781285846323
Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran
Publisher: South-Western College Pub
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 3, Problem 2CP
Motion Picture Industry
The motion picture industry is a competitive business. More than 50 studios produce several hundred new motion pictures each year, and the financial success of the motion pictures varies considerably. The opening weekend gross sales, the total gross sales, the number of theaters the movie was shown in, and the number of weeks the motion picture was in release are common variables used to measure the success of a motion picture. Data on the top 100 grossing motion pictures released in 2011 (Box Office Mojo website, March 17, 2012) are contained in a file named 2011Movies. Table 3.10 shows the data for the first 10 motion pictures in this file. Note that some movies, such as War Horse, were released late in 2011 and continued to run in 2012.
TABLE 3.10 PERFORMANCE DATA FOR 10 MOTION PICTURES
Managerial Report
Use the numerical methods of
- 1. Descriptive statistics for each of the four variables along with a discussion of what the descriptive statistics tell us about the motion picture industry.
- 2. What motion pictures, if any, should be considered high-performance outliers? Explain.
- 3. Descriptive statistics showing the relationship between total gross sales and each of the other variables. Discuss.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Bicycling, the world's leading cycling magazine, reviews hundreds of bicycles throughout the year. Their "Road-Race" category contains reviews of bikes used by riders primarily interested in racing. One
of the most important factors in selecting a bike for racing is the weight of the bike. The following data show the weight (pounds) and price ($) for 10 racing bikes reviewed by the magazine (Bicycling
website).
DATA file
Brand
FELT F5
PINARELLO Paris
ORBEA Orca GDR
EDDY MERCKX EMX-7
BH RC1 Ultegra
BH Ultralight 386
CERVELO S5 Team
GIANT TCR Advanced 2
WILIER TRIESTINA Gran Turismo
(to 3 decimals)
Weight Price ($)
17.8
16.1
14.9
15.9
Did the estimated regression equation provide a good fit?
The estimated regression equation provided a - Select your answer - fit.
c. Predict the price for a bike that weighs 15 pounds.
(to whole number)
2100
6250
8370
6200
17.2
13.1
16.2
17.1
17.6
SPECIALIZED S-Works Amira SL4
14.1
8000
a. Use the data to develop an estimated regression equation that could…
The Toyota Camry is one of the best-selling cars in North America. The cost of a previously owned Camry depends on many factors, including the
model year, mileage, and condition. To investigate the relationship between the car's mileage and the sales price for Camrys, the following data
show the mileage and sale price for 19 sales (PriceHub web site, February 24, 2012).
DATA file
Miles (1,000s)
Price ($1,000s)
22
16.2
29
16.0
36
13.8
47
11.5
63
12.5
77
12.9
73
11.2
87
13.0
92
11.8
101
10.8
110
8.3
28
12.5
59
11.1
68
15.0
68
12.2
91
13.0
42
15.6
65
12.7
110
8.3
MarkLines is an online portal (www.marklines.com) that reports automotive industry data. The table below shows the number of cars sold in the United States from January to November in 2017 and 2018. The top 22 manufacturers, plus others, are listed here. Sales data often is reported in this way to compare current sales to last year’s sales.
Car Sales
Manufacturer
Jan.-Nov.2017
Jan.-Nov.2018
GM (Est.)
2,691,493
2,654,568
Ford
2,334,290
2,265,590
Toyota
2,211,533
2,205,762
Fiat Chrysler
1,887,430
2,038,684
Honda
1,492,112
1,449,713
Nissan
1,455,238
1,345,157
Hyundai
621,961
612,225
Subaru
584,614
615,594
Kia
546,629
542,245
Mercedes (includes Sprinter)
332,990
318,012
BMW
271,432
276,657
VW
309,395
322,017
Mazda
262,577
274,455
Audi
199,534
200,558
Tesla (Est.)
40,320
106,050
Land Rover
66,759
81,526
Volvo
71828
89437
Mitsubishi
95,185
109,088
Porsche
51,507
53,116
MINI
42,494
40,887
Jaguar
36,180
27,021
Others
18,901
17,251
smart…
Chapter 3 Solutions
Statistics for Business & Economics, Revised (MindTap Course List)
Ch. 3.1 - Consider a sample with data values of 10, 20, 12,...Ch. 3.1 - Consider a sample with data values of 10, 20, 21,...Ch. 3.1 - Consider the following data and corresponding...Ch. 3.1 - Consider the following data. Period Rate of Return...Ch. 3.1 - Consider a sample with data values of 27, 25, 20,...Ch. 3.1 - Consider a sample with data values of 53, 55, 70,...Ch. 3.1 - The average number of minutes Americans commute to...Ch. 3.1 - During the 2007-2008 NCAA college basketball...Ch. 3.1 - Endowment income is a critical part of the annual...Ch. 3.1 - The cost of consumer purchases such as...
Ch. 3.1 - According to the National Education Association...Ch. 3.1 - The Big Bang Theory, a situation comedy featuring...Ch. 3.1 - In automobile mileage and gasoline-consumption...Ch. 3.1 - The data contained in the file named StateUnemp...Ch. 3.1 - Martinez Auto Supplies has retail stores located...Ch. 3.1 - The grade point average for college students is...Ch. 3.1 - The following table shows the total return and the...Ch. 3.1 - Based on a survey of masters programs in business...Ch. 3.1 - Annual revenue for Corning Supplies grew by 5.5%...Ch. 3.1 - Suppose that at the beginning of 2004 you invested...Ch. 3.1 - If an asset declines in value from 5000 to 3500...Ch. 3.1 - The current value of a company is 25 million. If...Ch. 3.2 - Consider a sample with data values of 10, 20, 12,...Ch. 3.2 - Consider a sample with data values of 10, 20, 12,...Ch. 3.2 - Consider a sample with data values of 27, 25, 20,...Ch. 3.2 - A bowlers scores for six games were 182, 168, 184,...Ch. 3.2 - The results of a search to find the least...Ch. 3.2 - The Australian Open is the first of the four grand...Ch. 3.2 - The Los Angeles times regularly reports the air...Ch. 3.2 - The following data were used to construct the...Ch. 3.2 - The results of Accounting Principals latest...Ch. 3.2 - Prob. 32ECh. 3.2 - Scores turned in by an amateur golfer at the...Ch. 3.2 - The following times were recorded by the...Ch. 3.3 - Consider a sample with data values of 10, 20, 12,...Ch. 3.3 - Consider a sample with a mean of 500 and a...Ch. 3.3 - Consider a sample with a mean of 30 and a standard...Ch. 3.3 - Suppose the data have a bell-shaped distribution...Ch. 3.3 - The results of a national survey showed that on...Ch. 3.3 - The energy information Administration reported...Ch. 3.3 - The national average for the math portion of the...Ch. 3.3 - Many families in California are using backyard...Ch. 3.3 - Florida Power Light (FPL) Company has enjoyed a...Ch. 3.3 - A sample of 10 NCAA college basketball game scores...Ch. 3.3 - The Associated Press Team Marketing Report listed...Ch. 3.4 - Consider a sample with data values of 27, 25, 20,...Ch. 3.4 - Prob. 47ECh. 3.4 - Prob. 48ECh. 3.4 - A data set has a first quartile of 42 and a third...Ch. 3.4 - Naples, Florida, hosts a half-marathon (13.1-mile...Ch. 3.4 - Annual sales, in millions of dollars, for 21...Ch. 3.4 - Consumer Reports provided overall customer...Ch. 3.4 - The Philadelphia Phillies defeated the Tampa Bay...Ch. 3.4 - A listing of 46 mutual funds and their 12-month...Ch. 3.5 - Five observations taken for two variables follow....Ch. 3.5 - Five observations taken for two variables follow....Ch. 3.5 - Ten major college football bowl games were played...Ch. 3.5 - A department of transportations study on driving...Ch. 3.5 - At the beginning of 2009, the economic downturn...Ch. 3.5 - The Dow Jones Industrial Average (DJIA) and the...Ch. 3.5 - Prob. 61ECh. 3 - The average number of times Americans dine out in...Ch. 3 - The U.S. Census Bureau provides statistics on...Ch. 3 - The average waiting time for a patient at an El...Ch. 3 - The U.S. Department of Education reports that...Ch. 3 - Small business owners often look to payroll...Ch. 3 - Public transportation and the automobile are two...Ch. 3 - The National Association of Realtors reported the...Ch. 3 - Prob. 69SECh. 3 - Travel + Leisure magazine provides an annual list...Ch. 3 - Morningstar tracks the performance of a large...Ch. 3 - Does a major league baseball teams record during...Ch. 3 - The days to maturity for a sample of five money...Ch. 3 - Automobiles traveling on a road with a posted...Ch. 3 - The Panama Railroad Company was established in...Ch. 3 - Pelican Stores Pelican Stores, a division of...Ch. 3 - Motion Picture Industry The motion picture...Ch. 3 - Business Schools of Asia-Pacific The pursuit of a...Ch. 3 - Heavenly Chocolates Website Transactions Heavenly...Ch. 3 - African Elephant Populations Although millions of...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.Similar questions
- U.S. Census data shows that the median price of new home in the United States in November 2014 was $280,900. This was $10,700 more than 14 times the price in November 1964. What was the median price of a new home in November 1964?arrow_forwardCholesterol Cholesterol in human blood is necessary, but too much can lead to health problems. There are three main types of cholesterol: HDL (high-density lipoproteins), LDL (low-density lipoproteins), and VLDL (very low-density lipoproteins). HDL is considered “good” cholesterol; LDL and VLDL are considered “bad” cholesterol. A standard fasting cholesterol blood test measures total cholesterol, HDL cholesterol, and triglycerides. These numbers are used to estimate LDL and VLDL, which are difficult to measure directly. Your doctor recommends that your combined LDL/VLDL cholesterol level be less than 130 milligrams per deciliter, your HDL cholesterol level be at least 60 milligrams per deciliter, and your total cholesterol level be no more than 200 milligrams per deciliter. (a) Write a system of linear inequalities for the recommended cholesterol levels. Let x represent the HDL cholesterol level, and let y represent the combined LDL VLDL cholesterol level. (b) Graph the system of inequalities from part (a). Label any vertices of the solution region. (c) Is the following set of cholesterol levels within the recommendations? Explain. LDL/VLDL: 120 milligrams per deciliter HDL: 90 milligrams per deciliter Total: 210 milligrams per deciliter (d) Give an example of cholesterol levels in which the LDL/VLDL cholesterol level is too high but the HDL cholesterol level is acceptable. (e) Another recommendation is that the ratio of total cholesterol to HDL cholesterol be less than 4 (that is, less than 4 to 1). Identify a point in the solution region from part (b) that meets this recommendation, and explain why it meets the recommendation.arrow_forwardResearchers initiated a long-term study of the population of American black bears. One aspect of the study was to develop a model that could be used to predict a bear's weight (since it is not practical to weigh bears in the field). One variable thought to be related to weight is the length of the bear. The accompanying data represent the lengths and weights of 12 American black bears. Complete parts (a) through (d) below. Click the icon to view the data table. Click the icon to view the critical values table. ..... (a) Which variable is the explanatory variable based on the goals of the research? O A. The number of bears B. The weight of the bear O C. The length of the bear (b) Draw a scatter diagram of the data. Choose the correct graph below. O A. O B. O C. D. A Weight (kg) 180- AWeight (kg) 180- ALength (cm) 180- A Weight (kg) 180- 40- 100 40- 100 Length (cm) 40- 100 40- 100 200 200 200 200 Length (cm) Weight (kg) Length (cm) (c) Determine the linear correlation coefficient between…arrow_forward
- Each year forbes ranks the world’s most valuable brands. A portion of the data for 82 ofthe brands in the 2013 forbes list is shown in Table 2.12 (forbes website, february, 2014).The data set includes the following variables:brand: The name of the brand.Industry: The type of industry associated with the brand, labeled Automotive& Luxury, Consumer Packaged Goods, financial Services, Other, Technology.brand Value ($ billions): A measure of the brand’s value in billions of dollarsdeveloped by forbes based on a variety of financial information about the brand.1-Yr Value Change (%): The percentage change in the value of the brand over theprevious year.brand Revenue ($ billions): The total revenue in billions of dollars for the brand.a. Prepare a crosstabulation of the data on Industry (rows) and brand Value ($ billions).Use classes of 0–10, 10–20, 20–30, 30–40, 40–50, and 50–60 for brand Value($ billions).b. Prepare a frequency distribution for the data on Industry.arrow_forwardMotion Picture Industry The motion picture industry is a competitive business. More than 50 studios produce a total of 300 to 400 new motion pictures each yea1 and the financial success of each motion picture varies considerably. The opening weekend gross sales ($millions), the total gross sales ($millions). the number of theaters the movie was shown in. and the number of weeks the motion picture was in release are common variables used to measure the success of a motion picture. Data collected for the top 100 motion pictures produced in 2011 are contained in the file named 2011 Movies (Box Office Mojo. March 17,2012).Table 2.20 shows the data for the first 10 motion pictures in this file. Managerial Report Use the tabular and graphical methods of descriptive statistics to learn how these variables contribute to the success of a motion picture. Include the following in your report. 1.Tabular and graphical summaries for each of the four variables along with a discussion of what each…arrow_forward16 20 40 60 80 100 Miles (1000s) 120 Scatter diagram 1 b. What does the scatter diagram developed in part (a) indicate about the relationship between the two variables? Negative relationship c. Develop the estimated regression equation that could be used to predict the price ($1000s) (to 4 decimals). 16.469 .0588 I d. Test for a significant relationship at the 0.05 level of significance (to 3 decimals). p-value= less than α = 0.05. e. Did the estimated regression equation provide a good fit? Yes f. Provide terpretation for the slope of the estimated regression equation (to 4 decimals but dollar value to the nearest cent). Enter negative values as negative numbers. The slope of the estimated regression is -.0588. Therefore, every additional 1,000 miles on the car's odometr will result in a $ predicted price. decrease in the g. Suppose that you are considering purchasing a previously owned 2007 Camry that has been driven 60,000 miles. Using the estimated regression equation developed in…arrow_forward
- B and carrow_forwardThe Hollywood film industry is a competitive business. More than 50 studios produce a total of 400 to 500 new films each year. The final success of each film varies considerably. The total of the worldwide gross sales is commonly used to measure the success of each film. The table below indicates the top 10 highest grossing films of all time. Rank Title Total Worldwide Gross Sales (USD Billions) Yea 1 Avatar $2,80 200 2 Avengers: Endgame $2,79 201 3 Titanic $2,18 199 4 Star Wars: The Force Awakens $2,06 201 5 Avengers: Infinity War $2,04 201 6 Spider-Man: No Way Home $1,90 202 7 Jurassic World $1,67 201 8 The Lion King $1,65 201 9 The Avengers $1,51 201 10 Furious 7 $1,50 201 Use a calculation tool like Excel to determine the standard deviation of the total worldwide gross sales. Enter only your final answer into the textbox below. Round your final answer off to 2 decimal places. Use a period (.) instead of a comma (,) to indicate the decimal place.arrow_forwardSouthwest Airlines had 81.1 million domestic boardings in a recent year, followed by Delta Airlines with 79.4 million, American Airlines with 72.6 million, United Airlines with 56.3 million, Northwest Airlines with 43.3 million, US Airways with 37.8 million, and Continental Airlines with 31.5 million, according to T-100 Domestic Market. Construct a pie chart to depict this information. List down the variable of the above data. Describe whether each variable are qualitative or quantitative data? Explain your answer. Describe the level of measurement for the variables. Explain your answer.arrow_forward
- The Wall Street Journal’s website, www.wsj.com, reported the number of cars and light-duty trucks sold through October of 2014 and October of 2015. The top sixteen manufacturers are listed here. The sales information for all manufacturers can be accessed in a data file below. Sales data are often reported in this way to compare current sales to last year’s sales. Year-to-Date Sales Manufacturer Through October 2015 Through October 2014 General Motors Corp. 2,562,840 2,434,707 Ford Motor Company 2,178,587 2,065,612 Toyota Motor Sales USA Inc. 2,071,446 1,975,368 Chrysler 1,814,268 1,687,313 American Honda Motor Co Inc. 1,320,217 1,281,777 Nissan North America Inc. 1,238,535 1,166,389 Hyundai Motor America 638,195 607,539 Kia Motors America Inc. 526,024 489,711 Subaru of America Inc. 480,331 418,497 Volkswagen of America Inc. 294,602 301,187 Mercedes-Benz 301,915 281,728 BMW of North America Inc.…arrow_forwardThe data represent the cost, return on investment, and graduation rate for a random sample of fifty colleges or universities in the United States. The data is from payscale.com. The variable "Cost" represents the four-year cost including tuition, supplies, room and board of attending the school. The variable "Annual ROI" represents the return on investment for graduates of the school. It essentially represents how much you would earn on the investment of attending the school. The variable "Grad Rate" represents the graduation rate of the school. Complete parts (a) and (b) below. Click here to view the school data. Click here to view the table of critical values of the correlation coefficient. (a) Describe the association between Cost and Graduation Rate graphically by drawing a scatter diagram, treating Cost as the explanatory variable. Describe the association between Cost and Graduation Rate by finding the linear correlation between the two variables. Is there a linear association…arrow_forwardWetlands offer a diversity of benefits. They provide a habitat for wildlife, spawning grounds for U.S. commercial fish, and renewable timber resources. In the last 200 years, the United States has lost more than half its wetlands. Environmental Almanac gives the percentage of wetlands lost in each state in the last 200 years. For the 30 of the lower 48 states, the percentage loss of wetlands per state is as follows. Make a stem-and-leaf display of these data. (Use the tens digit as the stem and the ones digit as the leaf. Enter NONE in any unused answer blanks.)arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw Hill
Holt Mcdougal Larson Pre-algebra: Student Edition...AlgebraISBN:9780547587776Author:HOLT MCDOUGALPublisher:HOLT MCDOUGAL
Elementary AlgebraAlgebraISBN:9780998625713Author:Lynn Marecek, MaryAnne Anthony-SmithPublisher:OpenStax - Rice University
Big Ideas Math A Bridge To Success Algebra 1: Stu...AlgebraISBN:9781680331141Author:HOUGHTON MIFFLIN HARCOURTPublisher:Houghton Mifflin Harcourt
Algebra: Structure And Method, Book 1AlgebraISBN:9780395977224Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. ColePublisher:McDougal Littell
Glencoe Algebra 1, Student Edition, 9780079039897...
Algebra
ISBN:9780079039897
Author:Carter
Publisher:McGraw Hill
Holt Mcdougal Larson Pre-algebra: Student Edition...
Algebra
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Elementary Algebra
Algebra
ISBN:9780998625713
Author:Lynn Marecek, MaryAnne Anthony-Smith
Publisher:OpenStax - Rice University
Big Ideas Math A Bridge To Success Algebra 1: Stu...
Algebra
ISBN:9781680331141
Author:HOUGHTON MIFFLIN HARCOURT
Publisher:Houghton Mifflin Harcourt
Algebra: Structure And Method, Book 1
Algebra
ISBN:9780395977224
Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:McDougal Littell
The Shape of Data: Distributions: Crash Course Statistics #7; Author: CrashCourse;https://www.youtube.com/watch?v=bPFNxD3Yg6U;License: Standard YouTube License, CC-BY
Shape, Center, and Spread - Module 20.2 (Part 1); Author: Mrmathblog;https://www.youtube.com/watch?v=COaid7O_Gag;License: Standard YouTube License, CC-BY
Shape, Center and Spread; Author: Emily Murdock;https://www.youtube.com/watch?v=_YyW0DSCzpM;License: Standard Youtube License