The file P02_02.xlsx contains information on over 200 movies that came out during 2006 and 2007.
a. Create two scatter plots and corresponding correlations, one of Total US Gross (Y) versus 7-day Gross (X) and one of Total US Gross (Y) versus 14-day Gross (X). Based on the visual evidence, is it possible to predict the total U.S. gross of a movie from its first week’s gross or its first two weeks’ gross?
b. Run two simple regressions corresponding to the two scatter plots in part a.
Explain exactly what they tell you about the movie business. How accurate would the two predictions requested in part a tend to be? Be as specific as possible.