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Economics

Eco 550 Week 1 Chapters 1 and 2 Answers

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ECO 550 Week 1 Making Decisions Based on Demand and
Forecasting
Assignment 1: Making Decisions Based on Demand and Forecasting
ECO 550
Assignment 1: Making Decisions Based on Demand and Forecasting
Domino’s Pizza is considering entering the marketplace in your community. Conduct research about
the demographics of your community, for example the population size and average income per
household and other independent variables, such as price of pizza and price of soda, for this
assignment. By conducting a demand analysis and forecast for pizza, you will be able to make a
decision whether Domino’s should establish a presence in your community.
1. Report the demographic and independent variables that are relevant to complete a demand
analysis providing a rationale for the selection of the variables.
2. Using Excel or other calculation software, input the data you collected in criterion one to calculate
an estimated regression. Then, from the calculation provided, interpret the coefficient of
determination, indicating how it will influence your decision to open the pizza business. Explain any
additional variables that may improve the coefficient of determination.
3. Test the statistical significance of the variables and the regression equation, indicating how it will
impact your decision to open the pizza business.
4. Forecast the demand for pizza in your community for the next four (4) months using the regression
equation, including the assumptions that were used to create the demand. Justify the assumptions
made related to the forecast.
5. Based on the forecasting demand, determine whether Dominos should establish a restaurant in
your community. Provide a rationale and support for the decision.
6. Cite at least two (2) different government sources for the demographic information you collected.
Assignment 1: Making Decisions Based on Demand and Forecasting
Page 1
I have been considering opening a Domino’s Pizza in my community
within the Virginia Beach area. In this paper I will present to you, a data
analysis and a forecast of Domino Pizza’s sales revenue that consist of
the demographics within my community. These demographics consist of
the population size, the average income per household and the
independent variables which include the price in pizza and soda. This
demand analysis will be used to give an estimated forecast that will

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