The movie industry is a competitive business. More than 50 studios produce hundreds of new movies for theater release each year, and the financial success of each movie varies considerably. The opening weekend gross sales ($ millions), the total gross sales ($ millions), the number of theaters the movie was shown in, and the number of weeks the movie was in release are common variables used to measure the success of a movie. Data on the top 100 grossing movies released in 2016 (Box Office Mojo website) are contained in the file Movies2016. Use data as posted.
Use the numerical methods of descriptive statistics to learn how these variables contribute to the success of a movie. Include the following in your report:
- Descriptive statistics for each of the four variables along with a discussion of what the descriptive statistics tell us about the movie industry.
- What movies, if any, should be considered high-performance outliers? Explain.
- Descriptive statistics showing the relationship between total gross sales and each of the other variables.
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