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13.73 Can you use movie critics opinions to forecast box office receipts on the opening weekend? The following data, stored in Tomatometer , indicate the
- 13.73 Can you use movie critics’ opinions to forecast box office receipts on the opening weekend? The following data, stored in Tomatometer , indicate the Tomatometer rating, the percentage of professional critic reviews that are positive, and the receipts per theater ($thousands) on the weekend a movie opened for ten movies: a. Use the least-squares method to compute the regression coefficients b0 and b1. b. Interpret the meaning of b0 and b1 in this problem. c. Predict the mean receipts for a movie that has a Tomatometer rating of 55%. d. Should you use the model to predict the receipts for a movie that has a Tomatometer rating of 5%? Why or why not? e. Determine the coefficient of determination, r2, and explain its meaning in this problem. f. Perform a residual analysis. Is there any evidence of a pattern in the residuals? Explain. g. At the 0.05 level of significance, is there evidence of a linear relationship between Tomatometer rating and receipts? h. Construct a 95% confidence interval estimate of the mean receipts for a movie that has a Tomatometer rating of 55% and a 95% prediction interval of the receipts for a single movie that has a Tomatometer rating of 55%. i. Based on the results of (a)–(h), do you think that Tomatometer rating is a useful predictor of receipts on the first weekend a movie opens? What issues about these data might make you hesitant to use Tomatometer rating to predict receipts?
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