Thanks 2 The histogram below shows the budget million dollar

2- The histogram below shows the budget (million dollars) of major release movies in 2005. 25 20 15 100 50 Budget (millions of $) 150 a- Which summary statistics would you choose to summarize the center and spread and why? to summarize the center and spread and why\'? b- Are the budget of a typical movie and the average budget of making a movie different? Why?

Solution

a) Since this distribution is skewed, we would use median to describe central tendency.

b)Budget of a typical movie is mode (the entry with highest frequency) and average budget of a movie should reflect total sales when multiplied with number of sales (mean)