Quantitative Method

1. MOTION PICTURE INDUSTRY The motion picture industry is a competitive business. Many studios produce more than 500 motion pictures each year, and the financial success of each picture varies considerably. Success of the picture mainly depends on the business it produced in the opening week. Data consists of common variables used to measure the success of a motion picture, which are opening weekend gross sales ($ millions), the total gross sales ($ millions), the number of theatres the movie was shown in, the numbers of weeks the motion picture was in the top 60, and type of picture (1 = Action, 2 = Horror, 3 = Romance, 4 = Family, 5 = Comedy). Data collected for 120 movies in the year 2009. Data file “[login to view URL]” has been provided. Use the appropriate graphical techniques, along with the appropriate numerical descriptive statistics to learn how these variables contribute to the success of a motion picture. At least the following should be included: 1) Numerical descriptive statistics, tabular, graphical summaries for each of the variables along with a discussion of what each summary tells about the motion picture industry. (Hint: include the above requirements categorized by type of movie in your analysis as well) 2) Draw and discuss scatter diagram to explore the relationship between total gross sales and other appropriate variables. 3) Compute and Interpret numerical descriptive statistics showing the relationship between total gross sales and other appropriate variables. 2. This case is adapted from Chapter 6 of Leonard Mlodinow's book, “The Drunkard's Walk: How Randomness Rules Our Lives." a. If a family has two children, what are the chances of both children being girls? b. Suppose a family has two children. Given that one of the children is a girl, what are the chances of both children being girls? c. Suppose a family has two children. Given that one of the children is a girl born on a Friday, what are the chances of both children being girls? d. Based upon US Social Security Administration statistics as of May 2012, the most popular name for girls is Sophia. In order to make the problem comparable to part c, let us suppose that 1 in 7 girls were named Sophia. Suppose that a family has two children and that one of them is a girl whose name is Sophia. As a common sense, no parents tend to give their children identical names. However, it is possible that both children are born on Fridays. Do you think that the chances of both children being girls are as same as part c?