Over the past several decades, warehouse club Grocery Stores vs. Warehouse Clubs Sales stores such as Sam's Club and Costco have been 50000 gaining ground on their grocery store counterparts. 45000 y = 1,170x + 30,630 The scatterplot and regression equations are shown. 40000 CC = 0.98 35000 30000 Mean seasonal sales (in millions of $) 25000 1. What do the correlation coefficients say about 20000 the type, strength, and direction of the y = 2090x + 6740 CC = 0.99 associations? 15000 10000 Grocery 5000 Warehouse Club 2. What do the y-intercepts tell us about mean seasonal sales for grocery stores? For 2 8 10 12 warehouse clubs? Years since 1998 Source: http://www.economagic.com/cenret.htm. 3. What do the slopes of the regression equations predict about the sales growth for grocery stores? For warehouse clubs? 4. If this growth pattern continues, what is likely to happen? 5. Use the two regression lines to estimate when sales in grocery stores are likely to equal sales in warehouse clubs.6. What kind of prediction did you just make? Explain. 7. What did the model predict for grocery stores in 2020? 8. Consider the following 202 grocery store sales data. For each, find the error (residual). a. February 2020: $57,337 million b. March 2020: $73,714 million 9. What does February 2020's actual grocery store sales value tell us about the strength of this model to extend past ten years covered in the scatterplot? 10. What would we call March 2020's data point? What happened at that point in time to cause this? 11. What did the model predict for warehouse club sales in 2020? 12. Consider the following 2020 warehouse sales data. For each, find the error (residual). a. February 2020: $41,996 million b. March 2020: $48,246 million 13. What does February 2020's actual warehouse club sales value tell us about the strength of this model to extend past the ten years covered in the scatterplot