A newspaper published box-office data on summer movies showing from the first weekend in May through Labor Day for several years running.
a. Use software to regress each of the variables-average ticket price, gross, and attendance-on year. Which of the three variables is least accurately predicted from year?
b. Use the regression equations to predict average ticket price, gross, and attendance for 2004.
c. The industry's prediction for average ticket price in 2004 was $6.25. Tell whether your regression line prediction was higher than, lower than, or equal to the industry prediction.
d. The industry's prediction for gross in 2004 was $3,950 million. Tell whether your regression line prediction was higher than, lower than, or equal to the industry prediction.
e. The industry's prediction for attendance in 2004 was 632 million. Tell whether your regression line prediction was higher than, lower than, or equal to the industry prediction.
f. In fact, one of the three response variables is the product of the other two; which one is it?
g. Suppose we had a large sample of movie ticket prices for each year, and we regressed all the individual prices on year, instead of the average. Would the value of the correlation r increase, decrease, or stay the same?