Can you use twitter activity to forecast box office receipts on the
Can you use Twitter activity to forecast box office receipts on the opening weekend? The data are stored in TwitterMovies.
A) Use the least-squares method to compute the regression coefficients b0 and b1.
B) Interpret the meaning of b0 and b1 in this problem.
C) Predict the receipts for a movie that has a Twitter activity of 100,000.
D) Should you use the model to predict the receipts for a movie that has a Twitter activity of 1,000,000? Why or Why not?
E) Determine the coefficient of determination, r2, and explain its meaning in this problem.
F) Perform a residual analysis. Is there any evidence of a linear relationship between Twitter
activity and receipts?
G) At the 0.05 level of significance, is there any evidence of a linear relationship between Twitter activity and receipts?
H) Construct a 95% confidence interval estimate of the mean receipts for a move that has a Twitter activity of 100,000 and a 95% prediction interval of the receipts for a single movie that has a Twitter activity of 100,000.
I) Based on the results of (a) through (h), do you think that Twitter activity is a useful predictor of receipts on the first weekend a movie opens? What issues about these data might make you
hesitant to use Twitter activity to predict receipts?