Studio XYZ knows that their films made an average of $45 million on opening weekends from 2003 - 2007. Did Studio XYZ films do better than the industry as a whole? Use your results to decide. HINT - Our initial assumption would be that Studio XYZ made the same amount on opening weekend as the industry as a whole, and we are interested in proving, if possible, that the industry average is lower than Studio XYZ's average. (Assume the population standard deviation is $9.71 million by previous knowledge.)
Analysis of Total Income
We are interested in knowing what the average total US revenue was for all films released from 2003 -
2007. Perform the appropriate analysis. (Note: assume that standard devitation US is $27.57 million by previous knowledge.)
From 2003 - 2007, the average total revenue made by Studio XYZ's films was $144 million. The studio believes that their films did better than the industry as a whole. Is there enough evidence to support their belief? HINT - Our initial assumption would be that Studio XYZ made the same amount as the industry as a whole, and we are interested in proving, if possible, that the average revenue for the industry is lower than Studio XYZ's average revenue. (Note: assume that standard devitation US is $27.57 million by previous knowledge.)
Studio XYZ's biggest rival, 123 Films, recently reported that their films made an average of $145 million from 2003 - 2007. Did 123 Films do better than the industry as a whole? HINT - Our initial assumption would be that 123 Films made the same amount as the industry as a whole, and we are interested in seeing if the average revenue for the industry is lower than 123 Films' average revenue. Should Studio XYZ be concerned? Use your data and perform the appropriate analysis to decide. (Note: assume that standard devitation US is $27.57 million by previous knowledge.)