CastSpend (SK) SetSpend (SK) Revenue (SK) 604 764 4640 642 545 3304 204 670 1876 209 964 2507 95 113 836 547 527 791 162 446 1048 442 222 228 746 352 2797 171 969 4662 483 75 1701 494 253 747 450 405 1195 365 359 2460 449 12 743 186 429 2868 308 896 4045 54 74 342 610 993 4502 512 932 4810 293 135 789 165 436 998 219 974 2607 694 756 4271 442 222 228 746 352 2797 [10 points in total] One of the great unanswered questions in the entertainment industry is: "What really makes a TV show a hit in an attempt to shed some light on this data was collected on a random sample of television shows that ran in the US in 2020. The data is available in the Final.xlsx" Excel file. Use this data to answer questions 32 to 34. The variables are defined as: SetSpend: The amount, in thousands of dollars per week, spent on the physical set where the show is taped background, props, landscaping lighting, wardrobes, etc CastSpend: The amount, in thousands of dollars per week spent on salaries for the actors in the show, Revenue: Weekly revenues, in thousands of dollars, from advertising earned by that show. This is the dependent variable. Three significant digits is sufficient for reporting all numerical quantities. You do not need to conduct the initial scatter plot analysis, or residual analysis for any part of this question. Simply answer the questions that follow. Estimate Revenue as a function of all variables: Setspend and CastSpend. In this model (round all your answers to three decimal places) a. [1 point] What is the estimated intercept? b. [1 point) What is the estimated slope of SetSpend? c.[1 point) What is the p-value of the estimated slope of SetSpend? d. [1 point] What is the estimated slope of CastSpend? e. [1 point] What is the p-value of the estimated slope of CastSpend? f. 11 point) What is the adjusted R2 of the model? 8-11 point) What is the standard error of the estimate? h. [1 point) What is the standard error of the estimated slope of CastSpend? 1. 11 point) What is the test statistic of the F-test? J. [1 point) What is the p-value of the F-test? Estimate Revenue as a function of all variables: Set Spend, and CastSpend (3 points] According to the output of our model above, is there statistical evidence that hiring highly paid actors for a TV show has an impact on the revenue from advertising? Write yes or no, and provide your reasoning for the conclusion CastSpend (SK) SetSpend (SK) Revenue (SK) 604 764 4640 642 545 3304 204 670 1876 209 964 2507 95 113 836 547 527 791 162 446 1048 442 222 228 746 352 2797 171 969 4662 483 75 1701 494 253 747 450 405 1195 365 359 2460 449 12 743 186 429 2868 308 896 4045 54 74 342 610 993 4502 512 932 4810 293 135 789 165 436 998 219 974 2607 694 756 4271 442 222 228 746 352 2797 [10 points in total] One of the great unanswered questions in the entertainment industry is: "What really makes a TV show a hit in an attempt to shed some light on this data was collected on a random sample of television shows that ran in the US in 2020. The data is available in the Final.xlsx" Excel file. Use this data to answer questions 32 to 34. The variables are defined as: SetSpend: The amount, in thousands of dollars per week, spent on the physical set where the show is taped background, props, landscaping lighting, wardrobes, etc CastSpend: The amount, in thousands of dollars per week spent on salaries for the actors in the show, Revenue: Weekly revenues, in thousands of dollars, from advertising earned by that show. This is the dependent variable. Three significant digits is sufficient for reporting all numerical quantities. You do not need to conduct the initial scatter plot analysis, or residual analysis for any part of this question. Simply answer the questions that follow. Estimate Revenue as a function of all variables: Setspend and CastSpend. In this model (round all your answers to three decimal places) a. [1 point] What is the estimated intercept? b. [1 point) What is the estimated slope of SetSpend? c.[1 point) What is the p-value of the estimated slope of SetSpend? d. [1 point] What is the estimated slope of CastSpend? e. [1 point] What is the p-value of the estimated slope of CastSpend? f. 11 point) What is the adjusted R2 of the model? 8-11 point) What is the standard error of the estimate? h. [1 point) What is the standard error of the estimated slope of CastSpend? 1. 11 point) What is the test statistic of the F-test? J. [1 point) What is the p-value of the F-test? Estimate Revenue as a function of all variables: Set Spend, and CastSpend (3 points] According to the output of our model above, is there statistical evidence that hiring highly paid actors for a TV show has an impact on the revenue from advertising? Write yes or no, and provide your reasoning for the conclusion
