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Question :
Listed below are the budgets (in millions of dollars) and the gross receipts (in millions of dollars) for randomly selected movies. Construct a scatterplot, find the value of the linear correlation coefficient r, and find the P-value using alpha = 0.05. Is there sufficient evidence to conclude that there is a linear correlation between budgets and gross receipts? Do the results change if the actual budgets listed are $61,000,000, $92,000,000, $48,000,000, and so onBudget(x) 61 92 48 36 135 58 93Gross(y) 69 62 53 58 627 144 42
a. What are the null and alternative hypotheses?i) H_0: rho = 0, H_1: rho < 0
ii) H_0: rho = 0, H_1: rho notequalto 0
iii) H_0: rho notequalto 0, H_1: rho = 0
iv) H_0: rho = 0, H_1: rho > 0
b. Construct a scatterplot. Choose the correct graph below.
c. The linear correlation coefficient r is.
d. The test statistic t is.
e. The P-value is.
Answer:
Pvalue > α ; Hence, we fail to reject the null.
Step-by-step explanation:
When testing for correlation :
Correlation Coefficient r is always between - 1 and 1. The alternative is always the opposite of the null. To claim that correlation exists, the r will not be equal to 0, because 0 means no correlation.
1.)
H_0: rho = 0,
H_1: rho notequalto 0
2.)
Given the data :
Budget(x) : 61 92 48 36 135 58 93
Gross(y) : 69 62 53 58 627 144 42
Scatter plot is attached below
3.) The linear correlation Coefficient as obtained using technology is 0.751 ; which depicts a strong positive correlation
4.)
Test statistic :
T = r / √(1 - r²) / (n - 2)
r² = 0.751² = 0.564
T = 0. 751 / √(1 - 0.564) / (7 - 2)
T = 0.751 / 0.2952964
T = 2.543
E.)
Using the Value from Tscore calculator :
Pvalue(2.543, 5) ; two tailed
Pvalue = 0.0517
At α = 0.05;
Pvalue > α ; Hence, we fail to reject the null. there is no sufficient evidence to conclude that there is a linear correlation between budgets and gross receipts.
