De La Salle University – Dasmariñas

DEMAND ESTIMATION FOR GARDENIA CLASSIC WHITE LOAF BREAD

IN CAVITE: A CASE OF BABY BOOMERS AND GEN X

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

Andino, Diana Joy Z.

Ersando, John Paul Rey F.
Espiritu, Czyrielle Grace M.
Lazatin, Trisha Ivy H.

November 2021
 De La Salle University – Dasmariñas

INTRODUCTION

The Gardenia started as an in-store bakery in Singapore in 1978. It subsequently became

the market leader in Singapore and has expanded its operations in Asia to include nations such

as Malaysia and Thailand, with the Gardenia chain of bakeries in the Philippines being the most

recent addition. Because of the widespread recognition over the years, Gardenia is now the most

widely distributed loaf brand in the Philippines, reaching many sections around the country.

The Gardenia Philippines offers a variety of high-quality bakery products, including

white, wheat, and health breads, flavored loaves, pandesal, muffins, and even toasts. Since then,

the brand has been renowned for its flavor, freshness, softness, aroma, and nutritional content.

(Graduateway, 2017).  They have successfully established itself as the industry leader in bread,

and its product line has grown and evolved through time. Today, it creates a wide range of baked

goods to meet the desires of its clients. One of them is the famous Classic White Bread, which

is cholesterol-free, bromate-free, zero trans-fat, and vitamin and mineral enriched bread,

exceeding DOH standards.

Gardenia White Classic Bread, as consumers perceive, has a great taste, freshness, oven-

baked aroma, softness, and nutritional value that can all be credited to its technologically

advanced bread manufacturing factory and modern baking method. It soon became the leading

bread brand in its class, despite having almost no advertising when it was initially introduced–

thanks to its customers, who buy the product and spread the word about it to their family and

friends. It captures the loyalty of its clients by naturally coming to mind whenever they think of
 De La Salle University – Dasmariñas

buying a loaf of bread. Aside from being generic, the modest loaf has made its way to every

Filipino family's table for the past 13 years (Sun.Star Cebu, 2011).

Filipinos are certainly into bread and pastry products. They can eat bread any time of

the day. Be it breakfast, lunch, dinner, and even merienda, bread has been part of their meals.

Apart from rice, it has also become their alternative for carbohydrates to fill in their stomachs.

In an article written by Philippine Star (2011), Filipinos' love for bread is truly incomparable.

In that same report, the country's innovative and health-conscious bread maker, Gardenia, has

also provided many reasons consumers love their bread. First on the list is the Gardenia White

Classic Bread, ideal for making the perfect pambaon for students.

However, consumers of all generations consume bread, but there are significant

variances in how they acquire it depending on their age. To be effective in their marketing and

selling methods, bread manufacturers must first understand how people think about and shop

for bread, including the Baby Boomer and Generation X consumers (Hanes, 2020).

Those who are born following World War II are known as the "Baby Boomer

Generation." The term "baby boomer" was derived from a phenomenon known as the baby

boom. After the World War, there was a surge in birth rates, resulting in a boom. Although there

is considerable fluctuation depending on the birth years of this generation, the 1946–1964 period

is the most commonly acknowledged.

Generation X, on the other hand, are those who were born in the years between the mid-

1960s and the early-1980s. They are sometimes called the "forgotten middle child" because

their birth years fall between the baby boomers and millennials, which was the time where the

world was shifting to digital technology.

 De La Salle University – Dasmariñas

In terms of buying bread, while younger generations spend more time in the grocery

store thinking about what brand they will purchase, baby boomers are more likely to stick with

what they know and grab for recognized brands or types of bread. Since they do not change

their bread preference based on other food trends, they are more ambivalent toward clean

labeling because this generation does not understand it very well. They are the kind of

consumers who tend to buy what specific brands they are only familiar with and purchase them

all over again.

Similarly, Generation X does not shop based on the bread's appearances. They are more

concerned with evaluating and exploring which bread is the best to purchase and at what price.

The main reason is that Gen Xers have children at home and need to buy more bread to feed

their whole household. They also want to ensure that the bread they buy will satisfy their

children's changing taste preferences and nutritional needs.

In a report by Canivel of Philippine Daily Inquirer (2020), it was said that Gardenia

Bakeries had been forced to cut down its production due to the enhanced community quarantine

being implemented.  The Gardenia marketing and sales manager, Nestor Constancia, also told

the Inquirer over the phone that the company could not keep up with the demand. When they

are delivered to supermarkets, products are quickly sold out. They could not even reach 50% of

their total capacity and were experiencing workforce constraints because of the pandemic. It

was also mentioned that the other bread factories all over the country have the same dilemma

mainly because of the threat and effects brought by the COVID-19.

By conducting this study, the researchers aim to determine the demand estimation of

Gardenia White Classic Bread in this time of the pandemic. The study will cover two
 De La Salle University – Dasmariñas

generations - Baby Boomers and Generation X, with the Cavite area as the research locale. The

researchers will also aim to see how the dependent and independent variables will affect the

quantity demanded of Gardenia Classic White Loaf Bread.

Objectives of the Study

The researchers’ main objective is to determine the estimated demand of Gardenia

Classic White Loaf Bread.

1. To determine the demographic profile of the respondents.

2. To determine the factors that significantly affect quantity demanded for Gardenia

Classic White Loaf Bread.

3. To determine the demand estimation for Gardenia Classic White Loaf Bread.

Hypothesis of the Study

As the study aims to determine the relationship between the quantity demanded for

Gardenia Classic White Loaf Bread, and the independent variables, the researchers formed the

following hypothesis:

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

quantity demanded for Gardenia Classic White Loaf Bread.

METHODOLOGY

Research Design

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

approach is used as the researchers gathered numerical data through a structured survey sent to
 De La Salle University – Dasmariñas

target respondents. The data gathered through a quantitative study may be used to describe the

sample chosen and provide a conclusive and objective answer to the research questions (Bhatia,

2018). The descriptive study is designed to describe the characteristics of a certain population

and phenomenon, focusing on answering questions for what, when, and how rather than for

why. 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 Gardenia.

Additionally, the study aimed to determine the underlying linear relationship between the

dependent and independent variables.

Sampling Procedures

The population of the study with a total number of 100, are individuals who belong to

the age generations Gen X (aged 45-56 years old), and Baby Boomers (aged 57-75 years old),

currently residing in different areas in Cavite. The researchers used the Modal Instance

Sampling method, and focused on the specific individuals from the said age generations that

meet the criteria to investigate the thoughts and actions of the best possible variables that the

study requires.

Methods of Data Collection

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

google forms. It is a two-part questionnaire containing questions about demographic profile and

buying habits, respectively. Due to the nature of some of the questions, the researchers have

included a notice at the beginning of the survey to inform the respondents that the pooled result
 De La Salle University – Dasmariñas

will remain confidential, and that they are in no way forced to participate in the survey. The

questionnaires were sent to the participants individually, through an online platform such as

Facebook Messenger and others.

Data Analysis

The study used multiple linear regression analysis for the 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 = b + b x + b x + … + b x + e (Bevans, 2020).

0 1 1 2 2 n n

The data gathered and encoded in Microsoft Excel is analyzed through the Data Analytics tools

found in the application. 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.

RESULTS AND DISCUSSION

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

Characteristics Frequency Percentage

Location
Tanza 26 26.00%
Dasmariñas 16 16.00%
Bacoor 13 13.00%
Trece Martires 10 10.00%
Alfonso 9 9.00%
General Trias 7 7.00%
Tagaytay 7 7.00%
Imus 6 6.00%
Mendez 5 5.00%
Silang 1 1.00%
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Characteristics Frequency Percentage

Age
45-55 65 65.00%
56-66 27 27.00%
67-75 8 8.00%
Gender
Female 54 54.00%
Male 46 46.00%
Civil Status
Married 76 76.00%
Single 16 16.00%
Widowed 8 8.00%
Education
6-9 4 4.00%
10-13 38 38.00%
14-17 58 58.00%
Occupation
Employed 44 44.00%
Self-employed 22 22.00%
Unemployed 34 34.00%
Household Size
1-2 9 9.00%
3-4 38 38.00%
5-6 43 43.00%
7-8 8 8.00%
9-10 2 2.00%

Table 1 details the demographic profile of the respondents including location, age,

gender, civil status, education (years of schooling), occupation, and household size.

Table 2. Demand Related Information

Variable Frequency Percentage

Price per Loaf
40-50 3 3.00%
60-70 92 92.00%
80-90 5 5.00%
Quantity of Loaf Bread
1-4 74 74.00%
5-8 24 24.00%
9-12 2 2.00%
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Variable Frequency Percentage

Price of Substitute
20-50 21 21.00%
60-90 48 48.00%
100-130 19 19.00%
140-170 5 5.00%
180-200 7 7.00%
Price of Complement
20-40 70 70.00%
50-100 26 26.00%
80-100 4 4.00%

Table 2 shows the demand relation information gathered from the respondents. Data on

price per loaf, quantity of loaf (per month), price of substitutes, and price of complements are

included and gathered in the survey.

Table 3. Demand Estimation for Gardenia White Loaf Bread

Variable Coefficient T-Stat P-Value

Intercept 1.480156611 0.794901968 0.428651988
Price per loaf -0.027093497 -0.914950999 0.362533888
Price of Substitute 0.01952697 3.723728044 0.00033285
Price of Complement -0.019927385 -1.552355052 0.123902477
Income 3.32E-06 1.054049123 0.294533872

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

for Gardenia Classic White Loaf Bread

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

variables to the quantity demanded for Gardenia Classic White Loaf Bread resulting to the

following regression equation:

 De La Salle University – Dasmariñas

Qd = F – P + PS – PC + M

Qd = 1.4802 – 0.027PG + 0.0195PS – 0.0199PC + 0.00000332M

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 Gardenia Classic White Loaf Bread.

Relationship Between Dependent Variable and Independent Variables

The coefficient value for the independent variable, price per loaf, is -0.027. This

conforms to the Law of Demand which states that price and the quantity demanded for a product

have an inverse relationship with each other. As price increases by 1 peso per loaf, the quantity

demanded for Gardenia White Loaf Bread will decrease by 0.027 per loaf.

The price of the substitute good has a coefficient value of 0.0195. A positive value

indicates that there is a positive relationship between the quantity demanded of the respondents

and the price of substitute good. As price of substitute increase by 1 peso per loaf, the quantity

demanded for Gardenia White Loaf Bread will increase by 0.0195 per loaf.

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

0.0199. It indicates that for every increase of the price of complement goods, there will be a

resulting decrease in the quantity demanded of consumers for Gardenia Classic White Loaf

Bread, and vice versa. Therefore, as price increases by 1 peso per loaf, the quantity demanded

for Gardenia White Loaf Bread will decrease by 0.0199 per loaf.
 De La Salle University – Dasmariñas

The coefficient value for the independent variable, income, is 3.32E-06. A positive value

indicates a positive relationship between income and quantity demanded of respondents, hence,

Gardenia White Loaf Bread is a normal good. As income increase by 1 peso, the quantity

demanded for Gardenia White Loaf Bread will increase by 0.00000332 per loaf.

Statistical Significance of the Variables using T-Statistics

T-Statistics measures the probability that results of the study occurred by chance. The

data analysis has a confidence level of 95% and a significance level of 5% therefore, 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 loaf, price of substitute, price of complement, and

income have a t-stat value of –0.91, 3.72, -1.55, and 1.05, respectively. The value of the t-stats

for variables price of substitute and income have exceeded the critical value therefore, the null

hypothesis for the two variables will be rejected. It can be concluded that the relationship

between price of substitute and quantity demand, and income and quantity demand are

statistically significant.

Statistically Significant Variables using P-Value

The P-value of the variables are statistically significant if values are less than 0.05. In

the results of the study, price of complement, having a p value of 0.003, is highly significant.

The results have an implication that the price of complement adds a substantial contribution in

explaining quantity demanded.

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Table 4. Demand Estimation for Gardenia White Loaf Bread

R-Square Standard Error Significance F

0.17352431369679 1.82611579536251 0.0010819666530299

Coefficient of Determination and Alienation

Table 4 shows that the R-square of the model is at 0.174 which means that 17.4% of the

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

model. Coefficient of alienation is computed by subtracting 1 with the value of R-square.

Subtracting 0.174 to 1 is equals to 0.826 which is equivalent to 82.6% of the variation that is

not explained and is cause by other factors not included in the model.

Standard Error of the Regression Model

The standard error of a model is a measure of the precision of the model in making

predictions or estimates in the value of the quantity demanded for Gardenia White Loaf Bread.

The smaller the values, the higher the accuracy of the prediction, the closer the values are to the

regression line. On average, the estimates of the quantity demanded for Gardenia White Loaf

Bread with this model will be wrong by 1.82611579536251.

Overall Significance of the Regression Model

The Significance F of the model determines if your linear regression model fits the data

better than a model with no independent variables. The p value on f is 0.0010819666530299

which means that the overall significance of the regression model is highly significant.  
 De La Salle University – Dasmariñas

Table 5. Estimation of Demand Elasticities

Variable Elasticity
Price 0.47
Price of Substitute 0.23
Price of Complement 0.42
Income 0.04

Price Elasticity of Demand

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

(mean) / Quantity demanded (mean)). The coefficient of the price per loaf is -0.027093497, its

mean is 67.685, and the mean of quantity demanded which is 3.87. The computation yielded

0.47, which means Gardenia White Loaf Bread has an inelastic demand, having an elasticity

less than one. As price increases by 1%, the quantity demanded for Gardenia White Loaf Bread

will decrease by 0.47%.

Cross Price Elasticity

To compute for 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 0.0195269697, its mean is 82.43, and the mean of quantity demanded

per loaf is 3.87. The computation resulted in an elasticity with a value of 0.23. This implies that

as price of substitutes per loaf increases by 1%, the quantity demanded for Gardenia White Loaf

Bread will increase by .023%.

To compute for cross price elasticity for the complement, the following formula is used:

Price of Complement (coefficient) * (Price of complement (mean) / Quantity (mean)). The

 De La Salle University – Dasmariñas

coefficient of the price of complement is -0.019927385, its mean is 44.32, and the mean of

quantity demanded per loaf is 3.87.The computation resulted in elasticity with a value of 0.42.

This implies that as the price of complement per loaf increases by 1%, the quantity demanded

for Gardenia White Loaf Bread will decrease by 0.42%.

Income Elasticity

Income elasticity is computed through the following formula: Income (coefficient) *

(Income (mean) / Quantity(mean)). The coefficient of income is 0.00000332, its mean is 51300

and the mean of quantity demanded is 3.87. The computation yielded 0.04 and this positive

value of elasticity means that Gardenia Classic White Loaf Bread is a normal good. If income

will increase by 1%, the quantity demanded per loaf for Gardenia Classic White Loaf Bread

will increase by 0.04%.

SUMMARY AND CONCLUSION

Summary  

The Gardenia started as an in-store bakery in Singapore in 1978. It subsequently became

the market leader in Singapore and has expanded its operations in Asia to include nations such

as Malaysia and Thailand, with the Gardenia chain of bakeries in the Philippines being the most

recent addition. Because of the widespread recognition over the years, Gardenia is now the most

widely distributed loaf brand in the Philippines, reaching many sections around the country.

Today, it creates a wide range of baked goods to meet the desires of its clients. One of them is
 De La Salle University – Dasmariñas

the famous Classic White Bread, which is cholesterol-free, bromate-free, zero trans-fat, and

vitamin and mineral enriched bread, exceeding DOH standards.

The researchers aim to evaluate and explain the current performance of Demand

Estimation for Gardenia Classic White Loaf Bread among the Baby Boomers, and Generation

X in Cavite. The researchers have gathered one hundred (100) respondents, and the Modal

Instance Sampling method was used, 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. For data gathering purposes, the researchers made use

of a researcher-made questionnaire containing questions about the respondents’ demographic

profile, and buying habits for Gardenia Classic White Loaf Bread, respectively. The

questionnaire was made in Google Forms and distributed to the participants individually

through the messaging application, Facebook Messenger. The data gathered from the survey

was analyzed and interpreted in Microsoft Excel, using the 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 white loaf bread

brand aside from Gardenia, is Pinoy Tasty, followed by Marby’s and then Tiffany’s. As the

result of the preferred cut of the loaf, the respondents’ main choice is classic regular slice

followed by the thick slice. The study also revealed that the respondents’ most preferred product

to purchase alongside loaf bread is cheese, followed by butter, and the least is chocolate spread.

After conducting a regression analysis, the coefficients of the independent variables

were extracted to form the linear equation that describes the relationship between quantity

demanded (response variable) and the independent variables consisting of the price per loaf,
 De La Salle University – Dasmariñas

price of substitute, price of complement, and household income. The intercept determines the

value of quantity demanded when all independent variables are zero.

Furthermore, through regression analysis, t-stats and p-values of independent variables

are generated to determine which of the variables are significant. Price of complement, having

a p value of 0.003, is highly significant. The results have an implication that the price of

complement adds a substantial contribution in predicting quantity demanded, although the

variation can only be explained by 17.4%, which is the coefficient of determination of the study.

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

Substitute/Price of Complement/Income) coefficient * (Quantity demanded(mean)/ (/Price of

Substitute/Price of Complement/ Income) (mean)). The equation for price elasticity per loaf

resulted to 0.47 which suggests that Gardenia White Loaf Bread has an inelastic demand. For

income elasticity, the resulting value is 0.04 which means that Gardenia White Loaf Bread is a

normal good. On the other hand, the value of the cross-price elasticity for the substitute is 0.42

and complement is -0.23.

Conclusion  

In this study, the researchers aimed to estimate the demand for Gardenia Classic White

Loaf Bread. They used stratified random sampling in gathering data and multiple linear

regression for calculating the values. A regression model was also employed to determine the

impact of independent variables on the quantity demand for the said good. Results revealed that

there is a relationship between the intercept and independent variables and the quantity demand

of consumers. Thus, rejecting the null hypothesis.

 De La Salle University – Dasmariñas

The findings showed that consumers have an inelastic demand for the Gardenia Classic

White Loaf Bread. Even though its price increases, the quantity demanded is not much

decreasing. This also applies to the price of complementary goods since they are consumed

together. Based on the results, if its price will increase by 1 peso, the quantity demanded will

only decrease by 0.23%. While complementary goods have an inverse demand and price

relationship, the price of the substitute goods, on the other hand, has a direct demand and price

relationship. It means that an increase in its price will also increase the quantity demand of

consumers. Similarly, it has the same effect on the income. When the income of the respondents

increases, the quantity demanded for the good also increases. For that reason, the Gardenia

Classic White Loaf Bread is considered a normal good.

Among the substitute goods given, Pinoy Tasty is the most preferred as most of the

respondents chose it when looking for other brands of loaf bread. It is because Filipinos have

known this brand for its cheap price and Pinoy taste. When it comes to complementary good,

cheese had been the most selected of the respondents. This implication shows that older

generations, specifically the Baby Boomers and Gen Xers, pick cheese as the best association

with loaf bread. In addition, most respondents prefer the regular slice when purchasing Gardenia

Classic White Loaf Bread.

As the study is limited to gathering data from those belonging in Generation X and Baby

Boomers, ages 45-75, and those currently residing in Cavite, Philippines, the researchers

recommend to widening the scope of the study to other generations and locations. This may

provide more insights on the demand estimates for Gardenia White Loaf Bread as respondents

differ in their tastes, preferences, and capabilities.

 De La Salle University – Dasmariñas

References:

Bevans, R. (2020). An introduction to multiple linear regression. INQUIRER.net. Retrieved

from Scribbr: https://www.scribbr.com/statistics/multiple-linear-regression/

Bhatia, M. (2018). A complete guide to quantitative research methods. Retrieved from:

https://humansofdata.atlan.com/2018/06/quantitative-research-methods/

Canivel, R. S. C. (2020, March 28). No more bread? company forced to limit production.
INQUIRER.net. Retrieved November 6, 2021, from
https://newsinfo.inquirer.net/1249728/no-more-bread-company-forced-to-limit-
production

Desiderio, L. (2021, October 2). No change in prices of Pinoy Bread Products. Philstar.com.
Retrieved November 6, 2021, from
https://www.philstar.com/headlines/2021/10/03/2131412/no-change-prices-pinoy-bread-
products

Gardenia Bread History Overview. ((2017, Feb 02). Retrieved from

https://graduateway.com/gardenia-bread/

Philstar.com. (n.d.). Filipinos' love for bread. Philstar.com. Retrieved November 6, 2021, from
https://www.philstar.com/cebu-lifestyle/2011/08/09/714567/filipinos-love-bread.

Sunstar. (2021, August 21). Experiencing delicious with gardenia. Sunstar. Retrieved
November 6, 2021, from
https://www.sunstar.com.ph/article/1904816/Cebu/Lifestyle/Experiencing-delicious-
with-Gardenia.

The baby boomer generation-birth years, characteristics, and history. FamilySearch Blog.
(2020, December 29). Retrieved November 6, 2021, from
https://www.familysearch.org/en/blog/the-baby-boomer-generation-birth-years-
characteristics-and-history.

07, B. H. | J. (2020, July 7). Cross-generational marketing: What's on a bread label is as

important as what's not. Food Beverage Insider. Retrieved November 6, 2021, from
https://www.foodbeverageinsider.com/bakery/cross-generational-marketing-whats-
bread-label-important-whats-not.
 De La Salle University – Dasmariñas

APPENDIX

Survey Questionnaire

Title: Demand Estimation for Gardenia Classic White Loaf Bread in Cavite: A Case of Baby

Boomers and Gen X

Demographic Profile

1. Name (Optional)
2. Place of Residence
• Bacoor
• Cavite City
• Dasmariñas
• General Trias
• Imus
• Tanza
• Trece Martires
• Other:
3. Gender
• Male
• Female
4. Age
5. Civil Status
• Married
• Single
• Widowed
6. Number of Members in the Household
7. Occupation
• Employed
 De La Salle University – Dasmariñas

• Unemployed
• Self-Employed
8. Estimated Monthly Household Income
9. Highest Educational Attainment

Buying Habits

1. At what price do you normally purchase a whole pack of Gardenia White Loaf Bread?
(example: 70)
2. How many packs do you purchase in a month? (state in numerical figure, example: 3)
3. What type of Classic White loaf bread do you usually purchase from Gardenia?
• Classic White Bread-Regular Slice
• Classic White Bread-Thick Slice
4. If you do not wish to eat Gardenia Classic White loaf bread, from what other brands do
you purchase white loaf bread, and at what price for a whole loaf of bread?
• Marby’s
• Pinoy Tasty
• Tiffany’s
5. What other food items do you purchase along with Gardenia Classic White Loaf
Bread, and at what price?
• Butter
• Cheese
• Chocolate Spread
 De La Salle University – Dasmariñas

APPENDIX TABLES

Quantity of Loaf Bread

Mean 3.87
Standard Error 0.196769362
Median 4
Mode 4
Standard Deviation 1.96769362
Sample Variance 3.871818182
Kurtosis 2.902556884
Skewness 1.313276187
Range 11
Minimum 1
Maximum 12
Sum 387
Count 100

Appendix 1: Descriptive Statistics for the Quantity Demanded of Respondents

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Price/loaf

Mean 67.685
Standard Error 0.690727
Median 67
Mode 65
Standard Deviation 6.907269995
Sample Variance 47.71037879
Kurtosis 3.714451266
Skewness 0.131222354
Range 50
Minimum 40
Maximum 90
Sum 6768.5
Count 100

Appendix 2: Descriptive Statistics for the Variable of the Price/loaf

 De La Salle University – Dasmariñas

Price of Substitute

Mean 82.43
Standard Error 4.095951561
Median 70
Mode 100
Standard
Deviation 40.95951561
Sample Variance 1677.681919
Kurtosis 2.297814431
Skewness 1.598535897
Range 180
Minimum 20
Maximum 200
Sum 8243
Count 100

Appendix 3: Descriptive Statistics for the Variable of the Price of Substitute

 De La Salle University – Dasmariñas

Price of Complement

Mean 44.32
Standard Error 1.498408583
Median 40
Mode 35
Standard
Deviation 14.98408583
Sample Variance 224.5228283
Kurtosis 2.787403021
Skewness 1.540734989
Range 80
Minimum 20
Maximum 100
Sum 4432
Count 100

Appendix 4: Descriptive Statistics for the Variable of the Price of Complement

 De La Salle University – Dasmariñas

Estimated Monthly Household Income

Mean 51300
Standard Error 6173.821
Median 35000
Mode 30000
Standard Deviation 61738.21
Sample Variance 3.81E+09
Kurtosis 28.99544
Skewness 4.66258
Range 495000
Minimum 5000
Maximum 500000
Sum 5130000
Count 100

Appendix 5: Descriptive Statistics for the Variable of the Monthly Household Income
 De La Salle University – Dasmariñas

Regression Statistics
Multiple R 0.416562497
R Square 0.173524314
Adjusted R Square 0.138725337
Standard Error 1.826115795
Observations 100
Appendix 6: Regression Statistics

ANOVA

df SS MS F Significance F

Regression 4 66.51360468 16.62840117 4.986477544 0.001081967

Residual 95 316.7963953 3.334698898
Total 99 383.31

Appendix 7: ANOVA Table