Movie revenue. Before making any other investment, a movie producer wants to analyze the relationship between gross revenue earned (in $ millions) and the amount paid (in $ millions) to two of the highest-paid actors in the industry based on the last 20 movies that have been released recently. He derives the following partial regression analysis results:

Coefficients Standard Error Intercept 21.4045 2.7251 Payment ($ millions) 8.1636 0.4928 R square 0.9384 Standard Error 3.9567 df 19

a) Write the equation of the regression line.

b) Find the value of the correlation. Is there evidence of an association between the gross revenue earned and the amount paid to the two actors?

c) Find the t-value and P-value for the slope. Is there evidence of an association between the gross revenue earned and the amount paid to the two actors? What do you know from the slope and t-test that you might not have known from the correlation?

d) Do you think predictions made by this regression will be very accurate? Explain.