Question

Use StatCrunch to calculate a 95% confidence interval for the opening weekend revenue for movies in 2005 during this particular year. Interpret your results. Use StatCrunch instructions from recitation 5a to import this Excel data set into StatCrunch. Then use Stat/T-Stats/With Data and take it from there.

Answer 1

To calculate a 95% confidence interval for movie revenues using StatCrunch, import the data, use 'T-Stats' with your data, set the confidence level, and interpret the range as where the true mean likely falls.

Step-by-step explanation:

To calculate a 95% confidence interval for the opening weekend revenue for movies in 2005 using StatCrunch, you need to follow these steps:

1. Import the Excel data set into StatCrunch as per instructions from recitation 5a.
2. Select the 'Stat' menu and then go to 'T-Stats' followed by 'With Data'.
3. Choose the column containing the opening weekend revenue data.
4. Set the confidence level to 95% and click 'Calculate'.

Interpreting the results involves understanding that the computed interval gives you a range within which you can be 95% confident that the true mean of the opening weekend revenue for the movies in 2005 falls.

This does not guarantee that the true mean is within this interval, but rather that 95% of such intervals calculated from similar samples would contain the true mean.