De La Salle University - Dasmariñas

DEMAND ESTIMATION FOR MACAO IMPERIAL MILK TEA IN

CAVITE: A CASE OF GENERATION Z/IGEN

A Group Project
Presented to the Subject in
B-ECON002 (Managerial Economics)
Allied Business Department
College of Business Administration and Accountancy
De La Salle University - Dasmariñas
Dasmariñas, Cavite

Arroyo, Sarah Joy N.

Hernandez, Jaimelou D.
Ugates, Hazel Joy A.

November 2021
 De La Salle University - Dasmariñas

INTRODUCTION

Milk Tea is also known as pearl milk tea, boba milk tea, boba tea, tapioca tea,

pearl tea, bubble tea, bubble drink, tapioca drink, momi milk tea, or any combination

above. The bubble milk tea chain is one of the favorite drinks and places to hang out

among youngsters. The Milk Tea is considered affordable and is becoming a daily

drink for some consumers (Pang, 2019).

According to Ethnic Seattle (2019), Bubble Milk Tea, also called Boba Milk

Tea, or Pearl Milk Tea is from Taiwan. The birth of Bubble Milk Tea was at a

beverage called Chunshui Tang run by Xiuhui Liu back in the year 1984. She added

tiny tapioca balls produced locally to the milk tea and advertised them to customers.

The tapioca balls are called “bubble,” “boba,” or “pearl” later, which are cooked to

make a round chewy ball that is then added to warm and cold drinks such as tea,

coffee, smoothies, slushies, and mixed drinks (Min, Green and Kim, 2016).

Usually, these drinks are consumed with a big straw that allows customers to slurp

and chew the tapioca balls.

According to Weiner (2009), people are more adventurous and love to try

new taste and experiment on new flavors. They love everything that is fresh,

exciting, and beneficial to them. It is evident that there a continuous demand for the

milk tea industry since it was on trend and new in the market. The most affected and

most updated by these changes are the Gen Z. A more culturally

diversified selection may help build buzz without the increased cost, whether it is
 De La Salle University - Dasmariñas

new herbs and extracts or a worldwide take on a traditional mix. Gen Z

usually are fond of refreshing drinks such as the all-time

favorite buko juice and samalamig.

A new product entered the picture. In a sweep, milk tea captured every

Filipino’s taste buds from the North to the South. Wherever the location,

there are stalls and café offering milk teas of varying flavors.  Nowadays, Milk Tea

has constantly hovered in the taste of Filipinos especially the Gen Z. Milk tea’s

popularity is at an all-time high, 11 years after it first landed on our shores. The

number of milk tea aficionados continues to rise as more milk tea businesses open

their doors, each with a comprehensive selection to guarantee that everyone may find

their ideal cup. These days, it is not uncommon to see someone you know sipping

milk tea at least once a week, either in a lengthy line or having it delivered to their

house.

Milk Tea may well be Gen Z’s signature drink since they were six times more

likely to consume it than any other generation. According to the research milk tea

passion led to a huge surge in visits to milk tea shops during the past year while their

indifference to coffee beverages partly explained the decline in visits to coffee shops

in 2017. Milk tea is just one prominent example of how Gen Z can influence

the foodservice market in fundamental ways, further emphasizing why foodservice

businesses should invest in understanding this generation. This is a generation that is

on the loop out for new concepts and highly savvy about better offerings elsewhere.
 De La Salle University - Dasmariñas

They are therefore harder to please and choosier about recommending an eating

place, compared to other generations.

In Asia, as mentioned in Grab Food’s data statistics, the popularity of Milk

tea significantly increased by 3000% growth rate in 2018. With the continuous

growth of the market across the continent, since Filipinos are known to be fond of

refreshing drinks, milk tea has drawn the taste buds of Filipino teens and young

adults.

As stated by food experts, the craze for milk tea started in 2008 when owners

of Milk tea brand Serenitea introduced the tea blend to Filipinos. In a recent analysis,

Lee and Yim (2018) stated that the Philippines ranked 2nd in the highest bubble tea

drinkers in Southeast Asia averaging consumers to drink 5 cups per person per

month. From then, the spread of assorted brands along the country has sparked

curiosity on consumers to try the raved product.

With hundreds of brands in the country, there are lots of options in the market.

According to Zoleta (2019), Macao Imperial milk tea belongs to the top 12 Best Milk

Tea Brands in the Philippines that has been lately in trend with millennials and Gen

Z’s interest. Macao Imperial Tea, one of the fast-growing café chains, is an

established milk tea brand in the Philippines since 2017 known for their variety of

drinks. With students as their main target market, this study will cover Cavite as the

research locale and Generation Z as the target population. By conducting this

 De La Salle University - Dasmariñas

research, the study aimed to determine the demand estimation of Macao Imperial

Milk Tea among Generation Z.

Objectives of the Study 

The researchers’ main objective is to determine the estimated demand

of Imperial Milk Tea.

1. To determine the demographic profile of the respondents.

2. To determine the factors that significantly affect quantity demanded

for Imperial Milk Tea.

3. To determine the demand estimation for Imperial Milk Tea.

Significance of the Study

The drinking habit of consumers for Milk tea is continuously

changing, therefore the results of the study will present the current drinking habit and

consumption patterns of consumers depending on their personal preferences and

demographic profiles. This research determines the several factors that influence

consumers’ decision for the quantity of their consumption for Milk tea. Thus, the

findings will be beneficially to the following:

Business Owners. The gathered data from the study will provide an insight

regarding demand activity of consumers and the amount of money the are

willing to pay for a milk tea. It also provides an analysis on areas that need

improvement, and what can be provided to satisfy the consumer.

 De La Salle University - Dasmariñas

Suppliers. The study is beneficial as it provides an insight about the quantity

demanded with the Milk tea establishments they supply to. It provides an

analysis about forecasting and reduces risks from future contract operations.

Stakeholders. The results show statistical data which is crucial for those who

make financial decisions for the business. Thus, analysing data and statistics

help in deciding that calculates risks and avoids losses.

Consumers. Through understanding the different factors that influence

decision, the results can provide trends and purchase patterns. From the

current trends, consumers gain information about new products and relate to

others.

Hypothesis of the Study 

As the study seeks to determine the relationship between the quantity

demanded for Imperial Milk Tea and the independent variables, the researchers

developed the following hypothesis:

H0: There is no relationship between the intercept and independent variables

and the quantity demanded for Imperial Milk Tea.

 De La Salle University - Dasmariñas

METHODOLOGY

Research Design

The researchers utilized a quantitative, descriptive study research design. The

quantitative approach is used in the study to analyze the numerical data gathered by

the researchers through a structured survey sent to the target respondents. The data

collected may be used to describe specific variables studied, provide statistical

relationships, and generalize findings across groups (Johnson, & Christensen, 2008).

Descriptive research focuses on answering questions for what, when, and how rather

than why. It is designed to describe a population or phenomenon. Thus, quantitative

descriptive research was used in the study with the goal to describe the demographic

profile and the factors that significantly affect their demand for Macao Imperial Milk

tea. Moreover, the study aimed to determine the underlying linear relationship

between the dependent and independent variables.

Sampling Procedures

The researchers used Modal Instance sampling method, and focused on

specific individuals that fit the criteria needed to investigate the possible variables of

the study. The criteria set for the respondents are consumers who belong in the age

generation of Gen Z, aged 9 to 24 years old, currently residing in different areas in

the province of Cavite which totaled the population of the study to 40 individuals.
 De La Salle University - Dasmariñas

Method of Data Collection

  For the data gathering purposes, the researchers made use of a survey

questionnaire through Google Forms. It is divided into a two-part questionnaire

containing questions about demographic profile and the respondents' buying habits,

correspondingly. Due to the nature of some of the questions, the researchers included

a note at the start of the survey to inform the respondents that the aggregated results

will remain anonymous, and that they are not obligated to participate. Individual

questions were given to participants through an internet platform such as Facebook

Messenger.

Data Analysis

The study used multiple linear regression analysis for data analysis. This is

used to estimate the relationship between the dependent variable and multiple

independent variables. Also, this follows the formula expressed as y = b0 + b1x1 +

b2x2 + … + bnxn + e (Bevans, 2020). Data Analytics tools were used to analyze the

data that has been collected and encoded in Microsoft Excel. Descriptive statistics,

coefficients, significance, p-value, r square, and other variables are generated which

are then used to formulate the regression equation. Moreover, the generated values

are also used to calculate the elasticities of demand including price elasticity, cross-

price elasticity, and income elasticity.

 De La Salle University - Dasmariñas

RESULT AND DISCUSSION

Table 1. Demographic Profile of the Respondents, Cavite, November 2021

Characteristics Frequency Percentage

Location
Dasmarinas 11 27.00%
Imus 10 25.00%
Bacoor 7 17.00%
General Trias 6 15.00%
Cavite City 2 5.00%
Alfonso 2 5.00%
Kawit 1 3.00%
Tanza 1 3.00%
Age
16-17 2 5.00%
18-19 32 80.00%
20-21 6 15.00%
Gender
Female 24 60.00%
Male 16 40.00%
Civil Status
Single 40 100.00%
Married 0 0.00%
Education
11-13 6 15.00%
14-16 34 85.00%
Occupation
Student 37 92.50%
Employed 2 5.00%
Unemployed 1 2.50%
Household Size
1-2 1 2.50%
3-4 17 42.50%
5-6 15 37.50%
7-8 6 15.00%
9-10 1 2.50%
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Table 1 details the demographic profile of the respondents including place of

residence, age, gender, civil status, education (years of schooling), occupation, and

household size.

Table 2. Demand Related Information

Variable Frequency Percentage

Price per Milk tea
50-100 7 17.50%
101-150 21 52.50%
151-200 9 22.50%
201-250 2 5.00%
251-300 1 2.50%
Quantity of Milk tea
1 26 65.00%
2 6 15.00%
3 8 20.00%
Price of Substitute
10-50 11 27.50%
51-100 14 35.00%
101-150 7 17.50%
151-200 4 10.00%
201-500 4 10.00%
Price of Complement
10-50 8 20.00%
51-100 16 40.00%
101-150 8 20.00%
151-200 5 12.50%
201-500 3 7.50%

Table 2 shows the demand relation information gathered from the

respondents. Data on price per Milk Tea, quantity of Milk Tea they consume (per

month), price of substitutes, and price of complements are included and gathered in

the survey.
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Table 3. Demand Estimation for Macao Imperial Milk Tea

Variable Coefficients t Stat P-value

Intercept 2.344689 3.78255 0.000601
Price -0.00401 -1.16974 0.250242
Price of Complements -0.00328 -1.20005 0.238414
Price of Substitute 0.00201 0.965228 0.341247
Income 5.71E-06 2.326475 0.026088

Regression Model Showing the Effect of the Independent Variable to the Quantity

Demanded for Imperial Milk Tea

A multiple regression analysis was applied to measure the effects of the

independent variables to the quantity demanded for Imperial Milk Tea resulting to

the following regression equation:

Qd = F – P + PS – PC + M

Qd = 2.344689 - 0.00401P + 0.00201Ps - 0.00328Pc + 0.00000517M

The model shows the relationship between the dependent variable and the

explanatory variables used in the study. It shows the effects of each independent

variable in determining the value of the quantity demanded for Imperial Milk Tea.

Relationship Between Dependent Variable and Independent Variables

The coefficient value for the independent variable, price per milk tea, is -

0.004. This conforms to the Law of Demand, which states that the price and quantity

demanded for a product are related have an inverse relationship to one another. As

the price of milk tea rises by one peso, the quantity demanded decreases by 0.004 per

milk tea.
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The price of the substitute good has a coefficient value of 0.00201. A positive

number indicates a positive relationship between the quantity demanded by the

respondents as well as the cost of a substitute good. As the price of the substitute rises

by one peso per milk tea, the quantity demanded for Macao Imperial milk tea will

rise by 0.00201 per milk tea.

The coefficient value for the independent variable, price of complement good,

is -0.00328. It indicates that for every increase of price of complement goods, there

will be a decrease in the quantity demanded for Macao Imperial Milk tea, vice versa.

Thus, as price increases by one peso, the quantity demanded will decrease by

0.00328.

The coefficient value for the independent variable, income, is 5.71E-06. As

income increases by one peso, the quantity demanded will increase by 0.00000517.

A positive number indicates a positive relationship between respondents' income and

quantity demanded, therefore Macao Imperial Milk tea is a normal good.

Statistical Significance of the Variables using T-Statistics

T-Statistics calculates the likelihood that the study's findings occurred by

chance. The data analysis has a confidence level of 95% and a significance level of

5% thus, the critical value is 1.96. Table 3 shows the value of the t-stat for the

independent variables used in the regression model. The variables price per milk tea,

price of substitute, price of complement, and income has a t-stat value of -

1.16, 0.96, -1.20, and 2.32, respectively. The t-statistics value of income has
 De La Salle University - Dasmariñas

exceeded the critical value, therefore the null hypothesis for the variable will be

rejected. Thus, it can be concluded that the relationship between income and quantity

demand is statistically significant.

Statistically Significant Variables using P-Value

The result of the study shows that the P-value of the variables that are

statistically significant are the variables with P-value less than 0.05. In the results of

the study, income, having a value of 0.026, is highly significant. The results have an

implication that the income makes a substantial contribution in explaining the

quantity demanded.

Table 4. Demand Estimation for Macao Imperial Milk tea

R Square Standard Error Significance F

0.200269 0.780517 0.1606

Coefficient of Determination and Alienation

Table 4 shows that the R-square of the model is at 0.20 which means that 20%

of the variation in quantity demanded is explained by the independent variables in

the regression mode. Coefficient of alienation is computed by subtracting the 1 with

the value R square. Subtracting 0.20 to 1 is equals to 0.80 which is equivalent to 80%

of the variation that is not explained and is caused by other factors that are not

included in the model.

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Standard Error of the Regression Model

Standard error measures the accuracy of the model in making predictions for

the value of the quantity demanded for Milk tea. A smaller value of standard error

means that the observed values are closer to the regression line therefore, the

precision of the predictions are higher. The standard error of the study has an

implication that the dependent variable of the study cannot be accurately predicted

through the regression model. On average, the estimates of the quantity demanded

for Macao Imperial Milk tea with this model will be wrong by 0.780517.

Overall Significance of the Regression Model

The model's F Significance determines whether or not your linear regression

model fits the data superior to a model without independent variables. The p value on

f is 0.1606. This means that the regression model's overall is not significant.

Table 5. Estimation of Demand Elasticities

Variable Elasticity
Price 0.38
Price of Substitute 0.26
Price of Complement 0.18
Income 0.17

Price Elasticity of Demand

Price elasticity is computed through the following formula: Price(coefficient)

* (Price (mean) / Quantity demanded (mean)). The coefficient of the price of Milk

tea is -0.004009, its mean is 147.975, and the mean of quantity demanded which is
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1.55. The computation yielded 0.38, which means Macao Imperial Milk tea has an

inelastic demand, having an elasticity less than one. As price increases by 1%, the

quantity demanded for Macao Imperial Milk tea will decrease by 0.38%.

Cross Price Elasticity

To compute for the cross-price elasticity for the substitute, the following

formula is used: Price of Substitute (coefficient) * (Price of substitute (mean)

/ Quantity (mean)). The coefficient of the price of substitute is 0.00201, its mean is

136.63, and the mean of quantity demanded per Milk Tea is 1.55. The computation

resulted is an elasticity with a value of 0.26. That implies that as price of substitutes

increases by 1%, the quantity demanded for Imperial Milk Tea will increase by

0.26%.

To compute the cross-price elasticity for the complement, the following

formula is used: Price of Complement (coefficient) * (Price of complement (mean) /

Quantity (mean)). The coefficient of the price of complement is -0.00328, its mean

is 122.98, and the mean of quantity demanded per Milk Tea is 1.55. The computation

resulted in elasticity with a value of 0.18. This implies that as the price of complement

per Milk Tea increases by 1%, the quantity demanded for Imperial Milk Tea will

decrease by 0.18%.

Income Elasticity

Income elasticity is computed through the following formula: Income

(coefficient) * (Income (mean) / Quantity (mean)). The coefficient of income

 De La Salle University - Dasmariñas

is 0.00000517, its mean is 51645 and the mean of quantity demanded is 1.55. The

computation yielded 0.17 and this positive value of elasticity means that Macao

Imperial Milk Tea is a normal good. If income will increase by 1%, the quantity

demanded per cup for Imperial Milk Tea will increase by 0.17%.
 De La Salle University - Dasmariñas

SUMMARY AND CONCLUSION

Summary

Milk tea captured every Filipino’s taste buds from the North to the South.

Wherever the location, there are stalls and café offering milk teas of varying

flavors.  Nowadays, Milk Tea has constantly hovered in the taste of Filipinos

especially Gen Z. Milk tea’s popularity is at an all-time high, 11 years after it first

landed on our shores. The number of milk tea aficionados continues to rise as more

milk tea businesses open their doors, each with a comprehensive selection to

guarantee that everyone may find their ideal cup. With hundreds of brands in the

country, Macao Imperial milk tea belongs in the top 12 Best Milk Tea Brands in the

Philippines.

The researchers aim to evaluate and explain the current performance of

Demand Estimation for Macao Imperial Milk tea among Generation Z in Cavite. The

researchers have gathered forty (40) respondents through the Modal Instance

Sampling method, which allowed the researchers to focus on the specific individuals

from the said age generations to investigate the thoughts and actions of the best

possible variables that the study requires. The method of data gathering used by the

researchers was a structured questionnaire containing questions about the

respondents’ demographic profit, and buying habits for Macao Imperial Milk tea,

respectively. The questionnaire was made in Google Forms and distributed to the

participants individually through the application Facebook Messenger. The data

 De La Salle University - Dasmariñas

gathered from the survey was analyzed and interpreted in Microsoft Excel,

using Regression Analysis to quickly and efficiently gather the raw data and to sort

out the data needed in the analysis.

The results from the data gathering show that the respondents preferred Milk

tea aside from Macao Imperial, is Gong Cha, Infinitea, I Love Milktea, Dakasi, then

Stellar. As a result of the preferred drink size, the respondents’ main choice is Alto

(16oz) followed by Maior (22oz). The study also revealed that the most preferred

add-ons purchase alongside Milk tea is black pearls, followed by cheesecake cream,

then white pearls, and lastly pudding.

The coefficients of independent variables were extracted and analyzed

from regression analysis to form a linear equation that determines the relationship

between quantity demanded and the independent variables consisting of the price of

milk tea, price of substitute, price of complement, and household income. The

intercept determines the value of quantity demanded when all independent variables

are zero.

In addition, through the regression analysis, T-statistics and P-values of the

independent variables are generated to analyze which of the following are significant.

Income, having a p value of 0.026, is highly significant. The results have an

implication that the income adds a substantial contribution in predicting quantity

demanded, although the variation can only be explained by 20%, which is the

coefficient of determination of the study.

 De La Salle University - Dasmariñas

Elasticity is computed in the standard formula of Elasticity = (Price per Milk

tea/Price of Substitute/Price of Complement/Income) coefficient * (Quantity

demanded(mean)/ (/Price of Substitute/Price of Complement/ Income) (mean)). The

equation for price elasticity resulted to 0.38 which suggests that Macao Imperial Milk

tea has an inelastic demand. For income elasticity, the resulting value is 0.17 which

means that Macao Imperial Milk tea is a normal good. Lastly, the value of the cross-

price elasticity for the substitute is 0.18 and complement is -0.17.

Conclusion

In this study, the main objective is to estimate the demand for Macao Imperial

Milk tea. The researchers used modal instance sampling to gather data and multiple

linear regression for calculating the values. A regression model was utilized to

determine the impact of independent variables on the quantity demand for the good.

The overall significance stated whether there is an increase or decrease in the

price of the milk tea in the quantity demand, the study's determinants in regression

models such as price of substitute, price of complements, and preference have no

significance in the demand of Macao Imperial Milk tea. Results showed that there is

little to no relationship between the intercept and independent variables and the

quantity demand of consumers. Thus, accepting the null hypothesis.

The findings revealed that consumers have an inelastic demand for Macao

Imperial Milk tea. Even when price increases, the quantity demanded is not much

affected, which also applies to the price of complementary goods since they are
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consumed together. As results show, if the price increases by 1 peso, the quantity

demanded will only decrease by 0.18%. However, while complementary goods have

an inverse demand and price relationship, the price of the substitute goods has a direct

demand and price relationship. It signifies that an increase in its price will also

increase the quantity demand of consumers. Comparably, it also has the same effect

on income. When the income of the respondents increases, the quantity demanded

for the good also increases. Thus, Macao Imperial Milk tea is considered a normal

good.

The data also revealed that among different substitutes given, Gong Cha is

the most preferred Milk tea brand after Macao Imperial. When it comes to

complementary goods, consumers prefer adding black pearls as a complimentary

item.

Since the study is limited to data gathering among those belonging in

Generation Z, ages 9-24, and currently residing in Cavite, Philippines, the researchers

suggest widening the scope of respondents and locale. This may provide more

insights on the demand estimates in Macao Imperial Milk tea as respondents differ in

their tastes and preferences.

 De La Salle University - Dasmariñas

References 

Ichimura, A. (2019, May 2). Filipinos Rank Second Highest Bubble Tea Drinkers in

Southeast Asia. Retrieved from http://fnbreport.ph/news/filipinos-rank-

second-highest-bubble-tea-drinkers-in-southeast-asia-anrii-20190502/

Pang, V. (2019). The #10YearChallenge: 7 Ways Bubble Tea Has Evolved in

Malaysia`. [online] Vulcan Post. Retrieved at:

https://vulcanpost.com/656608/grab-bubble-teadelivery-boba/

Ethnic Seattle (2019). History of Milk Tea: Taiwan to Across the Globe | Ethnic

Seattle. [online]. Retrieved at: https://ethnicseattle.com/2015/05/10/history-

of-milk-teataiwan-to-across-the-globe/

Johnson, R.B. and Christensen, L.B. (2008) Educational Research: Quantitative,

Qualitative, and Mixed Approaches. 3rd Edition, Sage Publications, Inc., Lose

Angeles.

Lee, M. X., & Yim, L. P. R. (2019, May 10). Bubble tea craze on Grabfood! Grab

PH. Retrieved November 12, 2021,

from https://www.grab.com/ph/blog/bubble-tea-craze-on-grabfood/.

Zoleta, V. (2020). Best milk tea in the Philippines to satisfy your

cravings. Moneymax. Retrieved November 12, 2021,

from https://www.moneymax.ph/lifestyle/articles/best-milk-tea-philippines.
 De La Salle University - Dasmariñas

APPENDIX

Survey Questionnaire
Title: Demand Estimation for Macao Imperial Milk tea in Cavite: A case
study of Generation Z/iGen

Demographic Profile
1. Name (Optional)
2. Place of Residence
• Dasmariñas
• Bacoor
• Imus
• Cavite City
• General Trias
• Tanza
• Other
3. Gender
• Male
• Female
4. Age
5. Civil status
• Married
• Single
6. Number of Members in the Household
7. Occupation
• Self-Employed
• Unemployed
• Student
8. Estimated Monthly Household Income
9. Highest Educational Attainment

Buying Habits

1. At what price do you normally purchase this size of Milk tea from Macao
Imperial? (Example: 150)
2. How many milk tea do you purchase in a month? (State in numerical figure,
example:3)
3. What size do you normally buy?
 De La Salle University - Dasmariñas

• Alto (16oz)
• Maior (22oz)
4. Apart from Macao Imperial, from what other brands of Milk tea would you
like to purchase from?
• Gong Cha
• I Love Milktea
• Infinitea
• Stellar
5. What add-ons do you purchase along with Macao Imperial Milk tea?
• Black Pearls
• Cheesecake Cream
• White Pearls
• Pudding
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APPENDIX TABLES

Quantity of Milk tea

Mean 1.55
Standard Error 0.128851
Median 1
Mode 1
Standard
0.814925
Deviation
Sample
0.664103
Variance
Kurtosis -0.66915
Skewness 1.027867
Range 2
Minimum 1
Maximum 3
Sum 62
Count 40
Appendix 1: Descriptive Statistics for the Quantity Demanded of Respondent

Price

Mean 147.975
Standard Error 6.599581
Median 150
Mode 150
Standard Deviation 41.73942
Sample Variance 1742.179
Kurtosis 4.042371
Skewness 1.391812
Range 225
Minimum 75
Maximum 300
Sum 5919
Count 40
Appendix 2: Descriptive Statistics for the Variable of the Price
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Price of Substitute

Mean 136.625
Standard Error 19.37073
Median 100
Mode 100
Standard Deviation 122.5113
Sample Variance 15009.01
Kurtosis 4.020597
Skewness 2.094745
Range 485
Minimum 15
Maximum 500
Sum 5465
Count 40
Appendix 3: Descriptive Statistics for the Variable of the Price of Substitute

Price of Complements

Mean 122.975
Standard Error 14.33274
Median 100
Mode 100
Standard Deviation 90.64823
Sample Variance 8217.102
Kurtosis 6.928091
Skewness 2.181965
Range 490
Minimum 10
Maximum 500
Sum 4919
Count 40
Appendix 4: Descriptive Statistics for the Variable of the Price of Complement
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Estimated Monthy Household Income

Mean 51645
Standard Error 8508.118
Median 47500
Mode 50000
Standard Deviation 53810.06
Sample Variance 2.9E+09
Kurtosis 11.32219
Skewness 2.931163
Range 299200
Minimum 800
Maximum 300000
Sum 2065800
Count 40
Appendix 5: Descriptive Statistics for the Variable of the Monthly Household
Income
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Regression Statistics
Multiple R 0.447514
R Square 0.200269
Adjusted R
Square 0.082661
Standard Error 0.780517
Observations 40
Appendix 6: Regression Statistics

ANOVA

Significance
df SS MS F
F
Regression 5 5.186956 1.037391 1.702854 0.1606
Residual 34 20.71304 0.609207
Total 39 25.9
Appendix 7: ANOVA Table