×
Get Full Access to Stats Modeling The World - 4 Edition - Chapter 26 - Problem 13
Get Full Access to Stats Modeling The World - 4 Edition - Chapter 26 - Problem 13

×

# Movie budgets How does the cost of a movie depend on its length Data on the cost ISBN: 9780321854018 481

## Solution for problem 13 Chapter 26

Stats Modeling the World | 4th Edition

• Textbook Solutions
• 2901 Step-by-step solutions solved by professors and subject experts
• Get 24/7 help from StudySoup virtual teaching assistants Stats Modeling the World | 4th Edition

4 5 1 238 Reviews
31
1
Problem 13

Movie budgets How does the cost of a movie depend on its length? Data on the cost (millions of dollars) and the running time (minutes) for major release films of 2005 are summarized in these plots and computer output: Dependent variable is: Budget($M) R squared = 15.4% s = 32.95 with 120 - 2 = 118 degrees of freedom Variable Coefficient SE(Coeff) t-ratio P-value Intercept -31.3869 17.12 -1.83 0.0693 Run Time 0.714400 0.1541 4.64 0.0001 a) Explain in context what the regression says. b) The intercept is negative. Discuss its value, taking note of the P-value. c) The output reports s = 32.95. Explain what that means in this context. d) Whats the value of the standard error of the slope of the regression line? e) Explain what that means in this context. Step-by-Step Solution: Step 1 of 3 Where Do Data Come From The field of statistics is applicable in every discipline. To give an idea of how widespread its use is, consider the following examples illustrating the scope of applications: From ratemyprofessors.com, STAT 110 instructors often get comments about the practice test looking like the real exam…..should you believe this claim Here are some interesting stats from Exam 2 in a recent semester Summary statistics: Column n Mean Variance Std. Dev. Std. Err. Median Range Min Max Q1 Q3 Exam 2 379 78.51715 318.37735 17.843132 0.9165401 82 102 0 102 70 90 • • Claim found on MedPageToday, Jan. 14, 2013, “Fast Foods Tied to Allergies, Excema in Kids” http://www.medpagetoday.com/Pediatrics/GeneralPediatrics/36848 A Step 2 of 3 ###### Chapter 26, Problem 13 is Solved Step 3 of 3 ##### Textbook: Stats Modeling the World ##### Edition: 4 ##### Author: David E. Bock, Paul F. Velleman, Richard D. De Veaux ##### ISBN: 9780321854018 This full solution covers the following key subjects: . This expansive textbook survival guide covers 31 chapters, and 1357 solutions. This textbook survival guide was created for the textbook: Stats Modeling the World, edition: 4. Stats Modeling the World was written by and is associated to the ISBN: 9780321854018. The full step-by-step solution to problem: 13 from chapter: 26 was answered by , our top Statistics solution expert on 03/16/18, 04:57PM. Since the solution to 13 from 26 chapter was answered, more than 232 students have viewed the full step-by-step answer. The answer to “Movie budgets How does the cost of a movie depend on its length? Data on the cost (millions of dollars) and the running time (minutes) for major release films of 2005 are summarized in these plots and computer output: Dependent variable is: Budget($M) R squared = 15.4% s = 32.95 with 120 - 2 = 118 degrees of freedom Variable Coefficient SE(Coeff) t-ratio P-value Intercept -31.3869 17.12 -1.83 0.0693 Run Time 0.714400 0.1541 4.64 0.0001 a) Explain in context what the regression says. b) The intercept is negative. Discuss its value, taking note of the P-value. c) The output reports s = 32.95. Explain what that means in this context. d) Whats the value of the standard error of the slope of the regression line? e) Explain what that means in this context.” is broken down into a number of easy to follow steps, and 133 words.

Unlock Textbook Solution