Question: 1. This exercise demonstrates the statistical concept known as a sampling distribution. You will run a set of simulations to see how the distribution of

1. This exercise demonstrates the statistical concept known as a "sampling distribution". You will run a set of simulations to see how the distribution of the sample mean becomes more "Normal" and has a smaller standard deviation as the sample size increases. Also, you will learn how to use Excel's lookup function and random number generator. 2. Open the file Movie budgets data.xlsx. It contains gross receipts data for major Hollywood movies from 1915-2012. These movies represent our population. Calculate the population mean and population standard deviation of the US gross receipt column. Put the values into cells F2 and F3. Create a histogram for the population data. (We did this last week.) Remember, you must create a bin range before using the histogram tool. My chart used increments of $25,000,000 up to the $750,000,000 bin. Be sure to put the histogram output to the right of our data

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