qdm - us top comic analysis

8/13/2019 QDM - US TOP COMIC ANALYSIS

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MASTER OF BUSINESS ADMINISTRATION

QUANTITATIVE DECISION MAKING:

TOP SALES

NO. 1 COMIC BOOKS

(NORTH AMERICA)

A Group Case Project

Submitted to:

Dr. Zarinah Hamid

Submitted by:

Fakhrul Anour bin Abdullah G1136857

Munira binti Md. Tahir G1229308

Aga Ramadhan G1220041

Herlina Hasan G1118812


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Contents page

1- ABSTRACT. 22- INTRODUCTION 3-43- LITERATURE REVIEW 5-144- METHODOLOGY.. 15-165- DISCUSSION OF FINDINGS.... 17-256- CONCLUSION & RECOMMENDATION.... 26-287- REFERENCE...... 29-308- APPENDIX A: VARIABLES DATA 1...... 31-359- APPENDIX B: VARIABLES DATA 2.. 36-41

10-APPENDIX C: IMAGES OF NO.1 COMICS 42-51

11-APPENDIX D: T-TABLE... 52-6212-APPENDIX E: INFLATION RATE 63-65


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ABSTRACT

The common reasons of comic book sales to usual expectations might have caused by

consumers age, wages or maybe interest of genres. But in our analysis, we took the closest

factors to sales; price and copies sold, and the general factors to economy; inflation and

population. By looking at these four factors into consideration of what move the sales, we might

find a certain outlook of consumers habit towards the comicbook industry in North America.

The data weve collected are from the secondary sources, therefore the generic results

were totally depend on how relative each data consisted to each others value. Several objectives

formulated as a guideline to achieve the motivation of the study. Among the objectives are tofind the type of correlation between dependent variable and each independent variables.

Approaches use in this study was by performing the regression analysis in order to analyze the

relationship among the variables. Apart from that, coefficient of multiple regressions denoted as

R (R squared), run as a measure of the experimental outcomes (simulated by the model). From

the study, it is found that price and copies sold are the most significance variables to sales.

Meanwhile, though population and inflation not highly affecting the sales, yet the value should

take into consideration as well.


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INTRODUCTION

This research is trying to capture a certain level of understanding to what really influence the

sales of comic books in North America, mainly focus towards the United States. There are many

reasons that might have caused the sales activity of comic books in the country, but for this

assignment we only took the most basic reasons which separated from the common reasons.

American comic industry is the most developed throughout the world to its respected

field, and still going on improving. Last year 2012, the industry has achieved sales of $640

million alone with an increase level (from $635 million on 2010) that added up by the increase of

10-13% sales came from the digital comics (Alverson, 2013). The American publishers are

optimist about the next profitable years for this industry and convinced that despite of good

respond from digital comics; printed comics are considered not affected on sales. Though manga

(comic from Japan) sales at bookstores dropped by 35% (reported by ICv2), it does not infecting

the Americas comic industry as a whole. Especially now that American comics have been

introduced throughout many other platforms, the recognition for this type of commercial media

is looking at the bright future for its business.

With the biggest comic convention in the world, San Diego Comic-con International2013 (18th July - 21st July) lately experienced sold-out tickets, comics industry is still the

believable source of creative narrative graphical contents for movies, videogames and many

other visual platforms. The comics acceptance also is not derived by the younger age only, as

proved that many buyers are populated from different class of affordability with investors from

different type business start to relate within. This is close affirmation that comic book is

constituted as inelastic product in direct market, which we will try to define later in our analysis

through this research.

The population of comic books in North America comes with different formats. There are

standard sizes of pages less than 50, limited edition of trade paperback (a compilation) on

standard sizes with more than 100 pages and novel graphic format with flexible sizes of more

than 50 pages. All of these formats are only meant for printed version of comic books and the

prices differ accordingly to its title, availability, genre, edition and paper quality.


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But none of the success of comic book necessarily mean from its price, except marketing

adjustment through product long performance.

The purpose of this is study is to analyze factors that contributed to number of comic

sales. Several variables have been selected for these studies which are price, inflation, and

population of citizen as well as copies sold. From these variables, several tests will be run in

order to find the correlations which indirectly determine whether those factors did contribute

number of sales.

Basically, the sample for this study selected from the North American population as it is

hard to cover the whole population. In terms of the research methodology, both quantitative and

qualitative used to derive to the findings.

For this research, secondary data are chosen to determine our understanding on how

comic book sales driven by the industry. We chose data retrieved from A Resource of Comic

Research, Comic Chronicles/Comichron (Comichron.com) that has been known to provide quite

a handful of sales data regarding Americas comic industry.

After all the data run or tested using SPSS, it shows that copies sold and price has the

significant towards comic books sales while other factors such as inflation and citizen

population have less significant in number of comic books sales. The study will divided to four

main divisions of studies which are the literature review, methodology, analysis and findings as

well as the conclusion. There are several main objectives highlighted in the studies which

furnished as follows:

i. To find the type of correlation between dependent variable and each independentvariables.

ii. To evaluate the significance of data given in the analysis.iii.

To compare the population of several means by using ANOVA (Analysis of Variance).

iv. To recognize the depth means of each independent variables equal to dependent variable.


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LITERATURE REVIEW

North America, concentrated on United States first marveled their comic book industry in year

1933. But not until year 1938 the industry bloomed with Action Comicsseries that introduced

its first world famous superhero, Superman. This industry was the evolution development of

comic strips legacy that began as early as 1833 with the imported comic from Europe, Histoire

de M. Vieux Bois which was published in English as The Adventures of Obadiah Oldbuck

(Coville, 1996).

A long journey of comic industry history in United

States has been divided into six period of age (Coville, 1996);

Platinum, Golden, Wertham, Silver, Bronze and Gimmick.

Narration of these ages has proved an ascending achievement

of it sales performance in the industry. Coville (1996)

described the Platinum Age began in early 1897 with a comic

book titled The Yellow Kid in McFaddens Flats of 196

pages (5 x 7 of size dimension) that sold for 50 cents

each by G. W. Dillingham Company. During this age, the

industry was introduced by humor comics that among of the

most popular would be The Funnies (10 cents each) by Dell

Publishing and The Adventure of Mickey Mouse with a print

run of 50,000 copies by Floyd Gottfredson and David McKay

Co (Coville, 1996).

During this Platinum Age, comics are published in many different formats of size and

quality. But this was the age that introduced promotional versions of hardcover, reprinted and

full colored copies. Price range per piece was around 5 cents to 60 cents depending on its format

of size and quality. This was also the era where players in the business try to see potential of

merging to reduce risk, for example George Jasonik (owner of Eastern Color) merged with Dell

Publishing (through George Delacourt) on 50/50 partnership.

The Yellow Kid in McFaddens Flats


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Though opposed by American News Distribution, the partnership abled to sell 400,000

copies of their first merged comic title, Famous Funnies of 10 cents within 30 days without a

single copy returned with profit return of $2,000. The revised version of that first issue was

released again in May 1934 with a format of 64 pages for 10 cents each. Somehow it made lost

$4150.60 with only 90% of copies sold. The second issue they had made improvement on labor

fees by hiring people to manage an original page for $5 which cost a magazine $10 a page for

Syndicated reprints. Only at 7thissue the group gained profit of $2,644.25 (Coville, 1996). Yet

the profit was too little for Dell Publishing that they decided to sell their 50% share back to

Eastern Color. With Dell Publishing break-off from the deal, Eastern Color enjoyed success of

Famous Funnies alone for 218 issues ending in 1955, which had gained more sales every issue

to the extend it reached profit $30,000 per issue! As the credibility approved, Eastern Color has

expanded business either as publisher or printer. The company also catalyzed 5 competitors

putting out monthly magazines (Coville, 1996).

This Platinum Age was all about trending

up the marketing strategy to increase sales and

experimenting on format to adjust the right price

for market profitability. This is the era of comics

sorted only at the newspaper market before Harry

I. Wildenberg, a 45 years old sales manager from

Eastern Color Printing Company syndicated it for

advertising benefit. One of his clients, Gulf Oil

Company accepted the idea and created Gulf

Comic Weekly which was sold at Gulf Gas

stations throughout United States on 30th April

1933. The comic was well received that Gulf Oil

Company decided to print out 3 million copies aweek with title changed to Comic Funnies

Weekly (, which lasted for 422 issues ending on

23rdMay 1941 (Coville, 1996).Comic Funnies Weekly


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Many new titles of humorous comics appeared during the Platinum Age, but the

appearance of single theme comic, Detective Comics was where it led to Golden Age began on

year 1938.

Before the Golden Age about to begin, the

edge of Platinum Age held a track record of

prominent names existence that lasted until today.

Among them are DC Comics (the comic publisher),

Will Eisner (the comic creator) and Batman

(superhero comic character). It all began with

Detective Comics that existed after a period of

business formation made by William Cook and John

Mahon with their own publishing company, Comics

Magazine Co. which eventually called as Centaur

Comics. They pioneered a single theme comics

began with Detective Picture Stories (5 issues),

Western Picture Stories (4 issues) and Funny

Picture Stories (3 volumes; 9 issues, 11 issues and

3 issues). All these comic series involved work of Will Eisner, and respectively other famous

name in DC Comics such as Charles Biro, Bob Wood and Fred Guardineer. For the information

earlier, William Cook and John Mahon were the former disgruntled employees of National

Allied Publications, owned by Major Malcolm Wheeler-Nicholson which later known as DC

Comics. To set the record straight, Centaur Comics may had introduced the single theme comic,

but it was DC Comics that dominate the markets for such theme with Detective Comics.

The age of comics according to Beauchamp (2011), is slightly different than Coville as

he dispersed the age into more details allocation. According to Beauchamp, there are 9 periods of

age; The Pioneer Age (1500s -1828), Victorian Age (1646-1900), Platinum Age (1883-1938),

Golden Age (1938-1945), Atom Age (1946-1956), Silver Age (1956-1970), Bronze Age (1970-

1984), Copper Age (1984-1992) and Modern Age (1992-Present). Thus Beauchamp method of

sampling the ages does not physically ratified the descendent of sales for the American comic

industry but more to the performance of contents of its players.


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If Platinum Age clarified by Beauchamp starts earlier than Coville, but both agreed that

the Golden Age of United States comic industry began at year 1938. This was the age where the

sales of comics rocketed to its stability level where the rise of superheroes began.

The first established superhero ever made in the United States comic industry was

Superman, which appeared for the first time in the historical first issue of Action Comics

(Coville, 1996) on Jun 1938. A year later in 1939, Superman was the first superhero and comic

character which owned his self-titled of comic books before others followed. Thanks to endless

hope of Siegel and Shuster, the creators who never gave up on the character.

As reported by Santoso (2006) published online at Neatorama on September 2006, the

early value for each first issue comic of Action Comics and Superman was only 10 cents. But

as years gone by and the issues were not reprinted, the auction value of both comics until 2006

respectively rocketed to estimated value of $350,000 and $210,000. Escalating value of comics

from the Golden Age has become a trend of comic lovers throughout the world as collectors.

Many comics existed during the age have become the most expensive Collectors Items. On May

24, 2013 as reported by Jerreat for Daily Mail, a construction worker from New York, David

Gonzales could have made $200,000 from the 70 years old Action Comics #1 if it wasnt tore

during dispute with his wifes aunt.

Today the highest

bid price of Action

Comics #1 in

ebay.com is $1500

(as at 23rdJuly 2013),

while Superman #1

is at the highest price

of $37,500 (as at 23 rdJuly 2013).

Source: ebay.com


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Looking at the Platinum Age and the Golden Age of comic industry in the United States,

the stages totally defined the increasing sales of its business and proved worthy investments.

When the Platinum Age mostly popularized by the humor genre (such as Popeye the

Sailorman) to attract younger audience especially children, the Golden Age was meant for more

mature audience with serious content and commercialize subject. The successful transition

proved as the authentic evidence that comic sales not only attracted children but also adults,

despite of it childish sentiments delivered with matured contents.

All superhero characters from The Golden Age that have garnered box-office hits

presently on silver screen are Superman, Batman and Captain America. Other superheroes from

the age that worth mentioning though not yet todays hits as box-office movies are like Flash

Gordon, Wonder Woman, The Human Torch (later made famous as Fantastic Four in 1961), The

Angel (later made famous as the member of X-Men in 2009) and Captain Thunder.

Man of Steel (released Jun 2013) was the latest installment of the Superman movie series that has collected

box-office sales of $635,574,854 (worldwide) with the making cost of $225,000,000. Profit making was

estimated as $410,574,854, which rank this movie at No. 10 for the most profitable comic book adaptation after

The Avengers ($1.512 billion; worldwide) at No. 1, The Dark Knight ($1.005 billion; worldwide) at No. 2

then followed by Iron man movie first series of 3 (totaled $2.421 billion; worldwide), and Spider-Man movie

series of 3 (totaled $2.496 billion).

[Sourced: BoxOfficeMojo.com]


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The Golden Age (1938-1945) of American comics can also be introduced as the comic

age of World War II. While the world was in its chaotic mess of the second global war (1939-

1945), the sales of comics increased rapidly with many new publishers rose a side the established

publishers that reached about 50 of them with about 350 main titles published (Keltner, 1998). It

was an important sign that the comic industry in United States also existed as a relief to

community during the tension period. It was also a proven factor that the business of American

comics increased throughout the Great Depression period until the end of World War II, despite

of other economy especially financial industry was hedging loss towards destruction (Duhigg,

2008). Because during that period, movies and comics were the only cheap entertainment that

people could have to bestow their happiness, it was considered a great escape from all the trouble

they were facing that time (Kelley, 2009).

According to Kelley (2009) based on the research reported by a Yank Weekly article

published November 1945, Market Research Company of America found that about 70 million

Americans (approximately half of the United States population) read comic books. The ages

ranged from children to adult, with the children took 51% of them were boys while adult took

about 69% of them who admitted to read comics regularly. The study proved that during the

Golden Age, comic books reader was not limited to youngsters only (Kelley, 2009).

Certain group of comic researchers would like to redefine Golden Age labeled by Lupoff

(1960) as The First Heroic Age (Quattro, 2004), but history cannot redefined how the American

comic industry was badly tarnished with criticism made public by Dr. Fredric Wertham M.D., a

Jewish German-born American psychiatrist (Coville, 1996). Responded to a symposium titled

Psychopathology of Comic Books organized by Wertham, all researchers involved were in the

same lead with him by concluded that comic books were the source of violence aggression

among children (Gutheil, 1948). The comic industry was thrown into the Atom Age (1946-1956)

ad denoted by Beauchamp (2011).

In 1954, Wertham published a book Seduction of the Innocent that has caused big stir

of emergency among parenting and the comic industry especially. Quoting comics as the

negative form of literature and caused juvenile delinquency has pushed comic publishers

(Comics Magazine Association of America) during the era to self-censored their own titles by

forming Comic Codes Authority.


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His theory from the book has caused moral panic among those who took high

responsibility on children misbehavioras no other caused was emphasized during that time,

Werthamstheory was taken seriously. It has caused a major drop in comic sales despite many

experts has proved that Werthams accusation upon comic influence was based on loose practice

of research. Just like the Darwins theory of human existence that has been carried by some

group of believers until today, the Werthams theory also has been carried as the same to his

believers until today.

It is not an easy cure for the comic industry until today, but at least the predicament he made

still couldnt stop the comic industry from moving on to the next stages, just like how

humankind does. The publishers, writers, artists and supporters of American comics united to

prove that comic was not a bad as how Werthams theory has described.

By 1956, the comic industry started to recover when DC Comics re-launched a superhero

that was lesser than the previous, The Flash(Gordon, 1998). First introduced as a new Flash in

a comic magazine Showcase issue no. 4, the characters popularity rose to fame after appeared

in a few issues that demanded DC Comics to publish self-titled comic series after The Flash

(Caville, 1996).

Despite of accusing comics, TV and movies were

the cause of juvenile delinquency in Seduction of

The Innocent (1954); he was also famous for

writing real-life criminal cases published into books

such as Dark Legend (1941), about a 17 years oldteenager who killed her own mother and Show of

Violence (1949) that exposed a few criminal cases

under his study (Coville, 1996).


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If Superman which was first introduced in Action Comics #1 what brought the

American Comic Industry into its stardom of the Golden Age, The Flash is the next superhero

that had saved the comic industry from abomination into the Silver Age (1956-1970). But the

marketing strategy was stronger on behalf of Marvel Comics that by 1961 it has taken over the

age to claim the Marvel Age by introducing more of their established new superheroes that has

taken box-office at the cinemas today. The man behind the creativity was Stan Lee who has

created Spider-Man, Incredible Hulk, Fantastic Four and Daredevil (Beauchamp, 2011).

During the Silver Age also showed a serious transition period of comics content into

other media platform such as radio and television series. It was an impact of other media tried to

clear defamation made by Wertham towards the comic industry. By 1941 until 1951, there was a

radio series of The Adventures of Superman followed by the animation series in 1941-1943. In

1948, the first film series of live-action Superman acted by Kirk Alyn being produced that

consisted of 15 parts/chapters. Then in 1951, came the television series of The Adventures of

Superman acted by George Reeves that lasted for 6 seasons (104 episodes) . After Superman,

came other comics that adapted into similar media until today. It is called as cross media

adaptation where the Intellectual Property of comic contents adapted into other media beside

radio, TV and movies, but also as newspaper syndication and videogames (Schlesinger, 2010).

Even in 1960s, Andy Warhol was made famous by the pop arts of using recycled comics

(Gordon, 1998).

Flash was one of the superheroes that

introduced during the Golden Agepublished by All-American

Publications which was then known

as DC Comics. After the Wartherm

attack, the character was canceled in

1949 with finalized issue of Flash

Comics #104. With the success re-

launched of The Flash. Many other

superheroes from other publishers,

especially from Marvel Comics were

re-launched.


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The success of comics during World War II during Golden Age is way beyond

economics (Kelley, 2009). It helped the soldiers fought with passion. But after World War II, the

tension rose within the economy struggle. As the American comic industry moved on to the

Bronze Age (1970 1984), the level of competition has gone broader to uncertainty of sales.

Despite of having the most popular contents of comics transferred into cross media adaptation,

which had dispersed consumers' interest to other type of publications. The competition also

evolved around contents in the industry itself. Other aspect that influences this issue was also

because of declined in newsstand distribution and the rise of direct market distribution, which

decreased the level of uncertainty for publishers. Mostly because the sell-through-rate was very

low that pushed most comic publishers to rethink their strategy of adaptation into the direct

market system (Schlesinger, 2010).

The Bronze Age was also considered as the age that introduced other genre of comics instead of superhero. Ghost

Rider is one anti-superhero antagonist that is created by Marvel that was first introduced in Marvel Spotlight #5

(August 1972). Others were like Conan the Barbarian (first published on October 1970), The Tomb Dracula

(1972-1979), Swamp Thing that first appeared in House of Secret #92 (July 1971).


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The Bronze Age showed professionalism increased not only in business deals but also

how each publisher revamped their management systems especially at the editorial department.

The editorial direction of comic books was tightened and deadline enforced to ensure

consistency. Marvel Comics and DC Comics were competing against each others editorial

expertise to conquer market share. Meanwhile many titles cancelled, many more unsold. Then

there are more serious involvement of serious contents that evolved around the depth of social

issues like racism, feminism, psychology and environmentalism. Writing and artwork have

become creatively sophisticated, it was greater creative risk made by publishers to interest the

heavy readers (Schlesinger, 2010).

Among other aspects that publishers looked at during this age were pricing model,

product format and marketing by looking at two differentiations; horizontal and vertical.

Horizontal differentiation was looking at consumers with different tastes while vertical

differentiation by looking at products comparison. During inflation, the comic book prices shot

up to prove that product demand were at confidence (Schlesinger, 2010).

As the industry moved on to the Copper Age (1984-1992) as accordance to

Beauchamps timeline, it was flooded with independent publishers which come and go. It

showed that the industry was at hyphen of business popularity. This was also the age where

talented writers influenced a whole new standard creativity of comic creations. Names like Frank

Miller, Alan Moore and Dave Gibbons have narrated storyline for comic books with new level of

contents.

As the industry approached Modern Age (1992-present), definition of comics has

advance to a business level that either respectively challenge or impressively modest. Prices

range depended on issues and its historical value, while sales might not be influence by inflation

or maybe even the countrys human population. In this modern age, the only problem that is

facing the comic industry is all about copyright infringement and business development strategy(Beauchamp, 2011). It is somehow to find a way to bring back the American comic industry into

another new Golden Age of the future.


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METHODOLOGY

SOURCES OF DATA

In the research design, we use quantitative approach. We are using secondary data or existing

data for the purposes of research. It refers to the statistical material which is not originated by the

investigator himself but obtained from someone else's records, or when primary data is utilized

for any other purpose at some subsequent enquiry that termed as secondary data. Our analysis

derived from five variables taken from secondary data; sales, price, copies (sold), inflation rate

and (human) population (of United States).

The independent variables (APPENDIX A);

price and copies sold (accumulated as sales, the

dependent variable) were taken from the website of

Comic Chronicles (Comichron.com). From that website

we selected 192 data from year 1997 until 2012 according to monthly sales.

The selected data in the website came from

report provided by Diamond Comic Distributors,

Inc. It is the largest comic book distributor serving

North America. They transport comic books from both big and small comic book publishers and

suppliers, to the retailers. Diamond dominates the direct market in the United States, and has

exclusive arrangements with most major U.S. comics publishers, including Dark Horse Comics,

DC Comics, IDW Publishing, Image Comics, Marvel Comics, and Radical Comics.

Next dependent variable (in APPENDIX B), inflation rates were taken from the website,

US Inflation Calculator as shown in APPENDIX E. The website is a family of Coin News

(www.coinnews.net) website dedicated to coin collectors.

Human population of United States is the fourth variable used in this research that is

listed in the APPENDIX B. Data was created by a blogger from Carbondale (Illinois, U.S), J.N.

Kish (an engineer/business owner) by using web application of experimental data visualization,

Fusion Tables (tables.googlelabs.com) to gather, visualize and share larger data tables of the


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American population. He compiled data from four major sources; Central Intelligence Agency1,

U.S. Census Bureau2, Demographia3, and Negative Population Growth4.

ANALYSIS OF DATA

To achieve the objectives of research, we used Statistical Package for the Social Sciences/SPSS

Statistics, it is a software package used for statistical analysis. By using the software, our process

of calculating and retrieving values is simplified to analyze multiple regressions upon variables

we have chosen. To address our hypothesis, we used regression model as below:

With SPSS Statistics, we generate calculation for tables of value information that we

would be able to assign analysis of these purposes:

Correlation/Autocorrelationdefining depth of relationship among variables.

Multicolinnearity understanding correlation between independent variables of mutually

exclusive.

Coefficient of Multiple Determination explaining percent of variation in dependent variable

accounted by a set of independent variables.

The tables that we provide throughout this research are Descriptive Statistics, Coefficient

Correlation, ANOVA, Coefficient, R Model Summary. In addition of above method, we will try

to elaborate on our findings through hypothesis testing, normal distribution and global test.

1https://www.cia.gov/library/publications/the-world- factbook/geos/us.html2 http://factfinder2.census.gov/faces/nav/jsf/pages/index.xhtml3http://www.demographia.com/db-uspop1900.htm4http://www.npg.org/facts/us_historical_pops.htm

Y = + 1(X1) + 2 (X2) + 3 (X3) + 4 (X4)

SALES

(Y)

PRICE

(X1)

INFLATION RATE

(X2)

COPIES (SOLD)

(X3)

U.S POPULATION

(X4)


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DISCUSSION OF FINDINGS

DESCRIPTIVE STATISTICS

Basically, descriptive analysis can be understood as ways or methods use in organizing or

presenting data obtained in an explanatory way. In this study, graphical will be included in order

to show spread of the data. There are 192 totals of months involved in this study which starts

from the year 1997 to the year 2012. Referring to below tables, mean of the data has been

studied in order to compute the value which will represents a central value from the obtained

data set (APPENDIX A and B).

Meanwhile, the standard deviation calculated in order to measure of the data dispersion

which will enable the researcher to locate data in respects to the mean. From the mean of sales

which is 507560.3124, it suggests number of sales monthly from year 1997 to 2012. In

comparison between TABLE 1 and TABLE 2, it shows that there is no exactly comic sale of

$507,560 approximately as the mean on TABLE 2 was calculated to total of each year.

TABLE 1:

Factors

Mean

Std. Deviation

N

Sales 507560.3124 261281.13463 192Price 3.1416 1.12371 192

Inflation 2.42 1.230 192Copies 167535.19 83267.333 192

Population 294.0343 12.73659 192It is also noted that all values are more than the mean obtained. In other words, since the

data has an extreme value in the year of 2010, the data tends to be pull toward the direction of

the extreme value.

Therefore, standard deviation is required in the study in order to obtain the measure of

dispersion and enable researcher to locate the value of data in respect of the mean. From TABLE

1, it shows that the standard deviation for sales is approximately $261,281. Thus it suggest that

two third of the sales lie within $246,279 and $768,841.


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YEAR PRICE COPIES SALES POPULATION

1997 $2.26 2,333,632 $5,334,982.74 3,270.71

1998 $2.24 1,883,692 $4,281,973.60 3,309.15

1999 $1.95 1,555,941 $3,307,812.64 3,347.30

2000 $2.64 1,433,906 $3,870,237.79 3,383.24

2001 $3.04 1,601,690 $5,216,461.95 3,418.46

2002 $2.48 3,286,424 $4,419,001.26 3,450.50

2003 $2.97 1,878,980 $5,566,278.90 3,480.77

2004 $2.91 1,944,284 $5,597,407.70 3,512.76

2005 $2.93 2,341,953 $6,992,887.95 3,545.16

2006 $3.41 2,555,439 $8,692,480.61 3,579.41

2007 $3.41 2,174,832 $7,417,387.68 3,613.84

2008 $3.82 1,898,014 $7,334,096.86 3,648.07

2009 $3.91 1,827,386 $7,122,731.14 3,680.412010 $3.99 1,419,927 $5,671,594.73 3,711.11

2011 $3.82 1,662,694 $6,374,212.06 3,738.40

2012 $4.32 2,367,962 $10,252,032.38 3,765.29

TOTAL $50.10 32,166,756 $97,451,579.99 56,454.58

TABLE 2:

For price, the mean calculated is $3.14 which is the high in price contributed by the

extreme value in year 2012 due to increase in comic books price. From the study, it shows that

though the price has increased yet it not affect the sales as comics book known as a commercialproduct. Simply put, comic book stands the same as cigarettes which is inelastic product. The

standard deviation indicates that the price range is approximately within $ 4.26 to $2.02.

Next is in terms of inflation which has less significant in this study yet also considerable

as the variable. The computed mean is 2.42 while the dispersion of the value approximately lies

within 3.65 and 1.19.

Copies which is found as among the most significance factor shows that the computed

mean is 167,535 managed to sell within this 15 years. Meanwhile, to be exact, the standard

deviation shows that the number of sell approximately lies between 83,268 and 250,802. The

same as the price factors, copies sold is not affected by changes of external environment like

inflation.


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CORRELATION MATRIX

Basically, below correlation matrix is obtained from the correlation coefficient run by SPSS

before with the value between -1.0 to 1.0. The matrix suggest that if there is positive linear

relationships between two variables, the correlation value will be 1.0 while if there is perfect

linear relationship between the variables, the value is -1.0. When there is no relationship

between the variables, the value is 0.

TABLE 3:

Population Copies Inflation Price

Population 1.000 -.133 -.006 -.596

Copies -.133 1.000 .036 .241

Inflation -.006 .036 1.000 .050

Price -.596 .241 .050 1.000

In order to obtain the goals of the study, the correlation matrix formulated with

comparison among the variables, which are population, copies, inflation and price. Referring to

the Coefficient Correlations (TABLE 4) value between copies and population, it suggests there is

a strong inverse relationship between the two variables as the value is -0.133 which is near to -

0.1. Even so, the results does not indicates that population causes the decrease numbers of copies

sold. Information obtained from this correlation is merely to shows that there is a correlation

between the two variables.

As we compared the correlation between population and inflation it shows that there is aweak significant with the value of -0.006. Meanwhile, the correlation between population and

price suggests there is a quite inverse relationship between the two variables as the value is about

near -1.0 which is -0.596. Though the correlation not to suggest causal relationship, indirectly it

suggests that population do not contribute to the rise or falls in price of the comics books.


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From the correlation matrix study, it appears that none of the variables are holding zero

value in comparison which zero value indicates no relationship between the variables. Simply

put, we can say that, all of the variables correlated among each other whether it is an inverse or

direct relationship. There is no multicollinearity tested among the variables as all the correlations

are between -0.7 and 0.7. Therefore there is likely no problem of using all variables to be set as

data through regression analysis.

TABLE 4:

sales price inflation copies population

sales 1.000 .774 .025 .249 .432

Since the main objectives of the research is to study on the factors that contributes to the

comic sales; regress sales data which function as Y with the variables mentioned earlier. From

the table, it shows that sales and price have a positive strong relationship as the value is 0.774

near to 1.0. Though the regression value not suggestion causal and effect relationship, yet in a

way, it shows that decrease and increase of the comics books will affect number of sales.

However, sales and inflation shows a weak relationship which indicates that the

economic condition not really affect the number of comics sales. Though by logic people will

tend to stop buying comics during the high inflation rate, surprisingly, from the regression, it

shows contrarily. As mentioned in earlier chapter, since comic books is a commercial product or

can simply understand as inelastic products, the inflation rate not affect much towards the sales.

Meanwhile, number of copies sold and population plays significant roles in triggering the

comic sales in North America. Eventhough variables such as inflation, copies sold and

population has lesser value compared to price, yet we still find these factors are relevant in

determining the sales which justify our reason not to drop the variables from the equation.


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MULTIPLE REGRESSION ANALYSIS

Based on quantitative approach method we had performed through the regression and

obtained the result of significant constant amount forp-value is .420 with = 5%. Furthermore

in terms of independent variable we saw the significant P-value on price, inflation, copies and

population are .000, .021, .000, and .015 respectively. Then we got the comparison on the figure

both Unstandardized coefficients ( and standard error) and Standardized Coefficients . The

independent variables of comic adjusted by the number independent variables are included in the

model.

TABLE 5:

Unstandardized Coefficients

Standardized

Coefficients

t

Sig.

(p-value) Std. Error

(Constant) 192798.570 238497.691 0 .808 .420

price 215555.054 10108.174 .927 21.325 .000

inflation 16915.048 7261.089 .080 2.330 .021

copies 1.368 .110 .436 12.396 .000

population -2151.176 872.530 -.105 -2.465 .015

Y = + 1(X1) + 2 (X2) + 3 (X3) + 4 (X4)

Y = 0 + 0.927(Price) + 0.80(Inflation) + 0.436(Copies) - 0.105(Population)

As our secondary data are under the time series basis, therefore we concluded our model

by using the value of Standardized Coefficients. Thus the model illustrated that at zero constant

(); the effect of sales within the 192 months of price is 0.927 (1), the effects of sales within the

Level of Significance, : 5%


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192 months of Inflation is 0.80 (2), the effects of sales within the 192 months of copies sold is

0.436 (3) and the effects of sales within the 192 months of population is -0.105 (4). Holding

all exogenous variables are constant, the summary we could define out of the model is that only

the effect of sales on population went the opposite way.

HYPOTHESIS TESTING

Before doing the decision, we see the normal distribution (with two tails) in order to test

the parameter individually with the 5 % level of significant. We use t- test statistic to make sure

whether the coefficient statically different from zero or not. Through t-table (APPENDIX D), we

found the t-value is 1.9724. Then we compare to each of the independent variable whereby

inflation is 2.330, copies sold is 12.3956 and prices is 21.325, meanwhile for the population is at

negative, -2.465. All critical values fell outside the region of null (H0). The regression result

showed (from the t-table) that we got is 1.653 (greater than critical values), thus we reject the

null for each variables to conclude all of them do effects the sales.

2.330

(Inflation)

21.325(Price)

-2.465(Population)

12.3956

(Copies)

1.9725-1.9725

Refer toAPPENDIX D, df= 191

H0: = 0

H1: 0


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P-VALUE TESTING

In determining our confident in rejecting null through the hypothesis testing, we take the extreme

value of test statistic than the value weve obtained. It is for us to compare the level of

significance with the probability, p-value. In this rule of testing, H0 is rejected if the level of

significance is higher than thep-value. But if thep-value is larger, therefore we do not reject H0.

Thus referring to TABLE 5 for the significance, we may conclude that all computed p-value fell

below the level of significance (0.05), either way. As conclusion we reject null to prove that we

are very much confident with our hypothesis testing which weve did earlier.

COEFFICIENT OF MULTIPLE DETERMINATION, R

The reason of running the coefficient of multiple determinations in our research is to study how

well our observed prediction which is the listing variables did trigger the comic sales or

otherwise. In other words, this model will help us to interpret the accuracy of our prediction on

the dependent and independent variables relationship.

To understand the data, we have to bear in mind that R2 of 1 is an indicator that the regression

run is perfectly fits the data. From the computed data in TABLE 6, it shows that R2 value is

0.778 which is near to 1. The value obtained also can be interpreted as the variation in the

regression is 77.8% explained by our independent variables. Which is again, it is an indicator

that it is a good and strong regression.

p-value;

price (.000)

inflation (.021)

copies sold (.000)

population (.015)


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Next, multicollinearity test is required to run in order to measure whether the high R2

valueis due to high correlated independent variables or vice versa. Thus, from the table we can

refer to the adjusted R2 with the value of 0.778. Thus, it can be said that the adjusted R2 did fix

the high correlation issues as it is lesser than R2 value. However, it is not an indicator that R2

value is better than the adjusted value. It is to show that in the event, we were to add new

variables to support our hypotheses, it will explain more on the variation.

TABLE 6:

ANOVA TESTING

Initially the purpose of running the analysis of variance is to understand on how these expected

values suggest on the hypothesis testing as per below:

H0: 1 = 2 = 3 = 0

H1: 1 2 3 0

Going back to each of the elements, degree of freedom denoted by n-1 and noticed that sum of

the df is 191 (4+187). While moving forward to mean squares rows which obtained by dividingthe error sum of sum squares by its degree of freedom denoted by n-2. The same goes to mean

square regression which obtained by dividing sum of squares with df of 1.

Model R R Square Adjusted R Square Std. Error of the Estimate

1 .884a .782 .778 123221.83423


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CONCLUSION AND RECOMMENDATIONS

After going through the multiple regression analysis, we found out that all data as variables are

correlated to each other accordingly except for the population. Price and copies sold are the real

factors of what made the sales figure in the analysis. Therefore, the relation of price and copies

sold to sales must go to the same direction if not a lot at least linear. Meanwhile looking at the

almost non effective relation to inflation rate, as mentioned earlier, considering comic book as

inelastic product, thus change of price will not give much affect to sales or copies sold.

But the unique point that we are about to figure out based on the analysis is the value of

human population in United States against the sales of comic book. The result defined as if

increase in population of the states citizen may give negative impact towards its sal es. If the

sales drop indicates there might be increase of the population, though not much but it must be

taken into consideration.

Uncanny X-Men

Batman

Secret Invasion

Blackest Night

Civil War

Avengersvs.

X-Men

Infinite

Crisis

JusticeLeague

(Vol. 2)

NewX-menVol. 1

Amazing

Spider-Man

The highest selling comic titles (1997-2012)


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64%

28%

6%

2% Marvel

DC

Image

Dreamwa

v

We suggest the negative correlation between sales and population may have caused by:

1) Comic books are inelastic products whereby the sales do not affected by price changes.This factor maybe because the consumers are selected by generations and prone to

decrease throughout the years.

2) Marketing concept of comic books differ greatly according to each title of the comicbooks. Massive marketing approach in the comic industry may have caused uncertainty

to buyers to choose wisely.

3) Not every comic book is accepted by the same buyers and among thousands of titles, onlya few titles will be the top No. 1 for quite sometimes.

4) Our research only indicates upon printed version of comic books while in the markettoday there are competitions from other platform of comics especially on digital.

5) Looking at the growth of comic books in North America, there are likely a pattern of upsand downs of sales regards to its consumer behaviours. Though this may not have

indicated much upon the human population, but even a slight relation can be propose.

6) Comic books distribution is still in its testing period of direct markets, whereby the salesare less taken from the newsstand but more to the bookstore that specialize on comics.

Therefore we may assume there are not many yet familiarize comic shops when compare

to newsstand.

7) Population data provided is not at its accurate measure either defaults by the researchersor from the sources itself.

The most profitable publishers (1997-2012)


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PERIOD: 1997 - 2012

YEAR: 16, MONTH: 192

SAMPLES: Top sales No. 1

As we are looking at a research for sales of comic books (printed version) in North

America, backed by data reported by one distribution channel, Diamond Comics, therefore our

conclusion might have not achieve its accuracy to the level we can be assured. But through the

result of multiple regression analysis, and looking at our secondary as sample for the whole

population of comic books, we commit that the outcome achieved with the analysis can be taken

for further recommendation.

Looking at how price, copies sold and inflation rate reacted to the movement of sales, we

believed that comic book is still one product that can go strong in the future. By taking theessential business aspects such as marketing, editorial and financial strength as major driven,

population negativity can be countered to the opposite direction. Maybe the positive correlation

of inflation rate with sales might have triggered the negativity of population upon comic book

sales, but less likely we can overcome such theory into practice by increasing awareness

throughout the people.

We recommend that all the comic publishers to slightly increase the price of their comic

books while inflation at low, and low the price while inflation at high. Thus maybe there will befurther research to understand how Americans population reacts negatively towards comic book

sales. But for the time being, it is at best for the American comic industry to increase the level of

healthy competition in business of publishing comic books (printed version).


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REFERENCES:

Coville, Jamie. The History of Comic Books. 2011, Jamie Coville. Retrieved July 23, 2013

from websitehttp://wwwthecomicbooks.com

Beauchamp, Davey. The Ages of Comic Books. 2011. Retrieved July 23, 2013 from website

http://www.daveybeauchamp.com

Santoso, Alex, Worlds Most Valuable Comic Booksfrom Mental Flosss book titled

Condensed Knowledge: A deliciously Irreverent Guide to Feeling Smart Again published in

Neatorama with permission. Retrieved July 23, 2013 from websitehttp://www.neatorama.com

Jerreat, Jessica, That was a $75,000 tear: [Man who found rare first edition Superman comic

book worth nearly $200,000 RIPPED it while fighting with a relative over it]. Published at Mail

Online, 24thMay 2013. Retrieved July 24, 2013 from websitehttp://www.dailymail.co.uk

Keltner, Howard. Golden Age Comic Books Index: 1935 1955. Copyright 1998 by

Howard Keltner, 1602 Cherry St., Gainesville, TX 76240.

Duhigg, Charles. Depression, You Say? Check Those Safety Nets, New York Times, March

23, 2008. Retrived July 25, 2013 from websitehttp://www.nytimes.com

Lupoff, Richard. Re-Birth an article published in fanzine Comic Art #1. April 1960.

Kelley, Mark. The Golden Age of Comic Books: Representations of American Culture from the

Great Depression to the Cold War. Undergraduate recipient of the Library's Maria Dittman

Award, Spring 2009. Paper written for History 124 (American Cultural and Intellectual History)

with Dr. Kristen Foster. Marquette University, Library (Raynor Memorial Libraries).

Gutheil, Emil A. M.D. American Journal of Psychotherapy. Official Organ of the Association

for the Advancement of the Psychotherapy. Volume II, 1948. Published Quarterly.

Gordon, Ian. Comic Strips and Consumer Culture, 1890-1945. 1998 Smithsonian Institution.
http://wwwthecomicbooks.com/http://wwwthecomicbooks.com/http://wwwthecomicbooks.com/http://www.daveybeauchamp.com/http://www.daveybeauchamp.com/http://www.neatorama.com/http://www.neatorama.com/http://www.neatorama.com/http://www.dailymail.co.uk/http://www.dailymail.co.uk/http://www.dailymail.co.uk/http://www.nytimes.com/http://www.nytimes.com/http://www.nytimes.com/http://www.nytimes.com/http://www.dailymail.co.uk/http://www.neatorama.com/http://www.daveybeauchamp.com/http://wwwthecomicbooks.com/


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Schlesinger, Adam. HOLY ECONOMIC HISTORY OF THE AMERICAN COMIC BOOK

INDUSTRY, BATMAN!. A thesis submitted to the faculty of Wesleyan University. Degree of

Bachelor of Arts with Departmental Honors from the College of Social Studies. April, 2010.

Middletown, Connecticut.

Alverson, Brigid. The Digital Comics Surprise: Sales Are Up, While Print Stays Stable.

Retrieved on July 29, 2013 from websitehttp://goodereader.com

ICv2, retrieved on July 29, 2013 from websitehttp://www.icv2.com/articles/news/24118.html

Lind/Marchal/Wathen. Statistical Techniques in Business & Economics. 15thEdition. Douglas

A. Lind/William G. Marchal & Samuel A. Wathen. 2012 published by McGraw-Hill Irwin.

Sykes, Alan O. An Introduction to Regression Analysis; The Inaugural Coase Lecture. Chicago

Working Paper in Law & Economics.

THANK YOU
http://goodereader.com/http://goodereader.com/http://goodereader.com/http://www.icv2.com/articles/news/24118.htmlhttp://www.icv2.com/articles/news/24118.htmlhttp://www.icv2.com/articles/news/24118.htmlhttp://www.icv2.com/articles/news/24118.htmlhttp://goodereader.com/


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APPENDIX A:

VARIABLES DATA 1PRICE/COPIES/SALES

Month Title Issue Price Copies Sales

Jan-97 X-Men: Hellfire Hong Kong 62 $1.95 196,041 $382,279.95

Feb-97 Uncanny X-Men (Vol. 1) 343 $1.95 171,418 $334,265.10

Mar-97 Superman (CE) 123 $1.95 213,481 $416,287.95

Apr-97 Uncanny X-Men (Vol. 1) 345 $1.95 179,378 $349,787.10

May-97 Spawn 62 $1.95 167,373 $326,377.35

Jun-97 Uncanny X-Men (Vol. 1) 346 $1.99 173,453 $345,171.47

Jul-97 Uncanny X-Men (Vol. 1) 347 $1.99 165,832 $330,005.68Aug-97 Spawn 65 $1.95 165,234 $322,206.30

Sep-97 Uncanny X-Men (Vol. 1) 349 $1.99 163,170 $324,708.30

Oct-97 Uncanny X-Men (Vol. 1) 350 $3.99 171,453 $684,097.47

Nov-97 Fantastic Four (Vol. 3) 1 $2.99 209,793 $627,281.07

Dec-97 Darkness 11 $2.50 357,006 $892,515.00

Jan-98 Uncanny X-Men (Vol. 1) 353 $1.99 154,418 $307,291.82


Mar-98 X-Men: Behold The Ascension of Pilgrimm! 75 $2.99 146,013 $436,578.87

Apr-98 Uncanny X-Men (Vol. 1) 356 $1.99 149,541 $297,586.59

May-98 Uncanny X-Men (Vol. 1) 357 $1.99 142,959 $284,488.41Jun-98 Uncanny X-Men (Vol. 1) 358 $1.99 143,673 $285,909.27

Jul-98 Fathom 1 $2.50 257,087 $642,717.50

Aug-98 Battle Chasers 4 $2.50 143,545 $358,862.50



Nov-98 Uncanny X-Men (Vol. 1) 363 $1.99 136,600 $271,834.00

Dec-98 Witchblade Tomb Raider 1 $2.95 190,720 $562,624.00



Mar-99 Uncanny X-Men (Vol. 1) 368 $1.99 131,418 $261,521.82Apr-99 Uncanny X-Men (Vol. 1) 369 $1.99 129,900 $258,501.00

May-99 Uncanny X-Men (Vol. 1) 370 $1.99 127,164 $253,056.36


Jul-99 Uncanny X-Men (Vol. 1) 372 $1.99 123,144 $245,056.56

Aug-99 Uncanny X-Men (Vol. 1) 373 $1.99 116,274 $231,385.26



http://www.comichron.com/vitalstatistics/topcomics.html


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Nov-99 Tomb Raider: Saga of the Medusa Mask 1 $2.50 189,455 $473,637.50

Dec-99 X-Men: Apocalypse The Twelve 97 $1.99 117,491 $233,807.09



Mar-00 X-Men: Revolution 100 $2.99 144,878 $433,185.22

Apr-00 Fathom 12 $2.50 124,505 $311,262.50

May-00 Uncanny X-Men (Vol. 1) 382 $2.25 114,855 $258,423.75


Jul-00 Spawn 100 $4.95 143,493 $710,290.35

Aug-00 Uncanny X-Men (Vol. 1) 385 $2.25 109,829 $247,115.25



Nov-00 Uncanny X-Men (Vol. 1) 388 $2.25 110,874 $249,466.50

Dec-00

Ultimate X-Men (Vol. 1): The Tomorrow

People 1 $2.99 117,085 $350,084.15

Jan-01 X-Men: One Tin Soldier Rides Away 110 $2.25 100,964 $227,169.00Feb-01 Uncanny X-Men (Vol. 1) 391 $2.25 102,428 $230,463.00

Mar-01 Ultimate X-Men (Vol. 1): Betrayal 4 $2.25 105,248 $236,808.00

Apr-01 Ultimate X-Men (Vol. 1): Killing Fields 5 $2.25 109,670 $246,757.50

May-01 New X-Men (Vol. 1) 114 $2.25 144,835 $325,878.75

Jun-01 New X-Men (Vol. 1) 115 $2.25 142,308 $320,193.00

Jul-01 New X-Men (Vol. 1) 116 $2.25 136,249 $306,560.25

Aug-01 New X-Men (Vol. 1) 117 $2.25 136,919 $308,067.75

Sep-01 Wolverine: The Origin 1 $3.50 135,651 $474,778.50

Oct-01 Wolverine: The Origin 2 $3.50 131,582 $460,537.00

Nov-01 Wolverine: The Origin 4 $3.50 168,460 $589,610.00

Dec-01 Dark Knight Strikes Again 1 $7.95 187,376 $1,489,639.20

Jan-02 Batman 10 Cent Adventure 0 $0.10 702,126 $70,212.60

Feb-02 Dark Knight Strikes Again 3 $7.95 184,327 $1,465,399.65

Mar-02 New X-Men (Vol. 1) 124 $2.25 111,904 $251,784.00

Apr-02 FCBD Edition Ultimate Spider-Man 1 $0.12 631,990 $75,838.80

May-02 Transformers Generation One 2 $2.95 124,093 $366,074.35

Jun-02 Transformers Generation One 3 $2.95 141,118 $416,298.10

Jul-02 Transformers Armada 1 $2.95 145,567 $429,422.65

Aug-02 Fantastic Four (Vol. 3) 60 $0.09 752,699 $67,742.91

Sep-02 Transformers Generation One 6 $2.95 127,550 $376,272.50

Oct-02 Batman 608 $2.25 120,945 $272,126.25

Nov-02 Masters of the Universe 1 $2.95 112,276 $331,214.20

Dec-02 Ultimate War 1 $2.25 131,829 $296,615.25

Jan-03 Batman 611 $2.25 129,377 $291,098.25

Feb-03 Batman 612 $2.25 145,400 $327,150.00

Mar-03 Batman 613 $2.25 133,628 $300,663.00

Apr-03 Batman 614 $2.25 153,556 $345,501.00


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May-03 Wolverine 1 $2.25 157,739 $354,912.75

Jun-03 Batman 616 $2.25 141,988 $319,473.00

Jul-03 Batman 617 $2.25 145,998 $328,495.50

Aug-03 Marvel 1602 1 $3.50 152,528 $533,848.00

Sep-03 Batman 619 $2.25 235,122 $529,024.50

Oct-03 JLA/Avengers 2 $5.95 162,309 $965,738.55

Nov-03 JLA/Avengers 3 $5.95 147,938 $880,231.10

Dec-03 Ultimate Fantastic Four (Vol. 1) 1 $2.25 173,397 $390,143.25

Jan-04 Ultimate Fantastic Four (Vol. 2) 2 $2.25 126,729 $285,140.25

Feb-04 New X-Men 153 $2.25 113,848 $256,158.00

Mar-04 Superman/Batman (Vol. 1) 8 $2.95 146,907 $433,375.65

Apr-04 Superman 204 $2.50 231,424 $578,560.00

May-04 Astonishing X-Men (Vol. 3) 1 $2.99 209,289 $625,774.11

Jun-04 Identity Crisis (Vol. 1) 1 $3.95 163,117 $644,312.15

Jul-04 Superman/Batman (Vol. 1) 11 $2.95 143,720 $423,974.00

Aug-04 Astonishing X-Men (Vol. 3) 4 $2.99 145,546 $435,182.54Sep-04 Superman/Batman (Vol. 1) 12 $2.95 139,508 $411,548.60

Oct-04 Identity Crisis (Vol. 1) 5 $3.95 125,518 $495,796.10

Nov-04 Superman/Batman (Vol. 1) 13 $2.95 157,944 $465,934.80

Dec-04 New Avengers (Vol. 1) 1 $2.25 240,734 $541,651.50

Jan-05 New Avengers (Vol. 1) 2 $2.25 153,443 $345,246.75

Feb-05 New Avengers (Vol. 1) 3 $2.25 149,041 $335,342.25

Mar-05 DC Countdown To Infinite Crisis 1 $1.00 199,456 $199,456.00

Apr-05 New Avengers (Vol. 1) 5 $2.25 162,384 $365,364.00

May-05 Green Lantern 1 $3.50 168,324 $589,134.00

Jun-05 House of M 1 $2.99 233,721 $698,825.79Jul-05 All Star Batman & Robin the Boy Wonder 1 $2.99 261,079 $780,626.21

Aug-05 Justice 1 $2.99 190,409 $569,322.91

Sep-05 All Star Batman & Robin the Boy Wonder 2 $2.99 178,573 $533,933.27

Oct-05 Infinite Crisis 1 $3.99 249,107 $993,936.93

Nov-05 Infinite Crisis 2 $3.99 207,561 $828,168.39

Dec-05 Infinite Crisis 3 $3.99 188,855 $753,531.45

Jan-06 Infinite Crisis 4 $3.99 182,571 $728,458.29

Feb-06 Astonishing X-Men (Vol. 3) 13 $2.99 140,603 $420,402.97

Mar-06 Infinite Crisis 5 $3.99 201,830 $805,301.70

Apr-06 Infinite Crisis 6 $3.99 194,433 $775,787.67May-06 Civil War 1 $3.99 260,706 $1,040,216.94

Jun-06 Civil War 2 $2.99 253,868 $759,065.32

Jul-06 Civil War 3 $2.99 290,672 $869,109.28

Aug-06 Justice League of America 1 $3.99 212,178 $846,590.22

Sep-06 Civil War 4 $2.99 272,547 $814,915.53

Oct-06 The New Avengers (Vol. 1) 24 $2.99 136,749 $408,879.51

Nov-06 Civil War 5 $2.99 272,584 $815,026.16


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Dec-06 Justice League of America 4 $2.99 136,698 $408,727.02

Jan-07 Civil War 6 $2.99 259,251 $775,160.49

Feb-07 Civil War 7 $2.99 265,886 $794,999.14

Mar-07 Captain America (Vol. 5) 25 $3.99 290,497 $1,159,083.03

Apr-07

Fallen Son: Death of Captain America

Wolverine 1 $2.99 157,131 $469,821.69

May-07

Fallen Son: Death of Captain America:

Captain America 3 $2.99 169,972 $508,216.28

Jun-07 World War Hulk 1 $3.99 178,297 $711,405.03

Jul-07 Thor (Vol. 3) 1 $2.99 165,267 $494,148.33

Aug-07 World War Hulk 3 $3.99 151,513 $604,536.87

Sep-07 World War Hulk 4 $3.99 148,564 $592,770.36

Oct-07 The New Avengers (Vol. 1) 35 $2.99 111,363 $332,975.37

Nov-07 World War Hulk 5 $3.99 145,769 $581,618.31

Dec-07 The Ultimates 3 (Vol. 1) 1 $2.99 131,322 $392,652.78

Jan-08 Hulk 1 $2.99 133,895 $400,346.05

Feb-08 X-Force 1 $2.99 105,084 $314,201.16

Mar-08 Dark Tower: Long Road Home 1 $3.99 123,803 $493,973.97

Apr-08 Secret Invasion 1 $3.99 250,213 $998,349.87

May-08 Secret Invasion 2 $3.99 182,390 $727,736.10

Jun-08 Secret Invasion 3 $3.99 175,670 $700,923.30

Jul-08 Secret Invasion 4 $3.99 175,423 $699,937.77

Aug-08 Secret Invasion 5 $3.99 165,871 $661,825.29

Sep-08 Secret Invasion 6 $3.99 164,393 $655,928.07

Oct-08 Secret Invasion 7 $3.99 154,656 $617,077.44

Nov-08 Ultimatum 1 $3.99 114,208 $455,689.92

Dec-08 Secret Invasion 8 $3.99 152,408 $608,107.92

Jan-09 Amazing Spider-Man 583 $3.99 352,847 $1,407,859.53

Feb-09 Amazing Spider-Man 583 $3.99 148,778 $593,624.22

Mar-09 Dark Avengers 3 $3.99 96,532 $385,162.68

Apr-09 Detective Comics 853 $3.99 104,099 $415,355.01

May-09 The New Avengers (Vol. 1) 53 $3.99 94,367 $376,524.33

Jun-09 Batman and Robin 1 $2.99 168,539 $503,931.61

Jul-09 Captain America Reborn 1 $3.99 193,014 $770,125.86

Aug-09 Blackest Night 2 $3.99 145,938 $582,292.62

Sep-09 Blackest Night 3 $3.99 140,667 $561,261.33

Oct-09 Blackest Night 4 $3.99 137,086 $546,973.14

Nov-09 Blackest Night* 5 $3.99 144,868 $578,023.32

Dec-09 Blackest Night 6 $3.99 100,651 $401,597.49

Jan-10 Siege 1 $3.99 108,484 $432,851.16

Feb-10 Blackest Night 7 $3.99 130,613 $521,145.87

Mar-10 Blackest Night 8 $3.99 135,059 $538,885.41

Apr-10 Brightest Day 0 $3.99 129,446 $516,489.54


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APPENDIX B:

VARIABLES DATA 2PUBLISHER/INFLATION RATE/POPULATION

Month Title Issue Publisher

Inflation

Rate

Population

(million)

Jan-97 X-Men: Hellfire Hong Kong 62 Marvel 3 271.09

Feb-97 Uncanny X-Men (Vol. 1) 343 Marvel 3 271.32

Mar-97 Superman (CE) 123 DC 2.8 271.56

Apr-97 Uncanny X-Men (Vol. 1) 345 Marvel 2.5 271.82

May-97 Spawn 62 Image 2.2 272.08Jun-97 Uncanny X-Men (Vol. 1) 346 Marvel 2.3 272.36

Jul-97 Uncanny X-Men (Vol. 1) 347 Marvel 2.2 272.65

Aug-97 Spawn 65 Image 2.2 272.97

Sep-97 Uncanny X-Men (Vol. 1) 349 Marvel 2.2 273.29

Oct-97 Uncanny X-Men (Vol. 1) 350 Marvel 2.1 273.59

Nov-97 Fantastic Four (Vol. 3) 1 Marvel 1.8 273.87

Dec-97 Darkness 11 Image 1.7 274.11

Jan-98 Uncanny X-Men (Vol. 1) 353 Marvel 1.6 274.37

Feb-98 Uncanny X-Men (Vol. 1) 354 Marvel 1.4 274.58

Mar-98 X-Men: Behold The Ascension of Pilgrimm! 75 Marvel 1.4 274.78


May-98 Uncanny X-Men (Vol. 1) 357 Marvel 1.7 275.3

Jun-98 Uncanny X-Men (Vol. 1) 358 Marvel 1.7 275.57

Jul-98 Fathom 1 Image 1.7 275.85

Aug-98 Battle Chasers 4 Image 1.6 276.16



Nov-98 Uncanny X-Men (Vol. 1) 363 Marvel 1.5 277.02

Dec-98 Witchblade Tomb Raider 1 Image 1.6 277.27



Mar-99 Uncanny X-Men (Vol. 1) 368 Marvel 1.7 277.94


https://www.google.com/fusiontables/DataSource?docid=1F1LWhYAo54sCTRkcnSJ1aZ8D9WUcEcxWlf26Ug

http://www.usinflationcalculator.com/inflation/historical-inflation-rates/


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Jun-99 Uncanny X-Men (Vol. 1) 371 Marvel 2 278.75

Jul-99 Uncanny X-Men (Vol. 1) 372 Marvel 2.1 279.04

Aug-99 Uncanny X-Men (Vol. 1) 373 Marvel 2.3 279.35



Nov-99 Tomb Raider: Saga of the Medusa Mask 1 Image 2.6 280.22

Dec-99 X-Men: Apocalypse The Twelve 97 Marvel 2.7 280.47



Mar-00 X-Men: Revolution 100 Marvel 3.8 280.47

Apr-00 Fathom 12 Image 3.1 281.43


Jun-00 Uncanny X-Men (Vol. 1) 383 Marvel 3.7 281.89

Jul-00 Spawn 100 Image 3.7 282.16

Aug-00 Uncanny X-Men (Vol. 1) 385 Marvel 3.4 282.42



Nov-00 Uncanny X-Men (Vol. 1) 388 Marvel 3.4 283.2

Dec-00

Ultimate X-Men (Vol. 1): The Tomorrow

People 1 Marvel 3.4 283.44

Jan-01 X-Men: One Tin Soldier Rides Away 110 Marvel 3.7 283.65


Mar-01 Ultimate X-Men (Vol. 1): Betrayal 4 Marvel 2.9 284.05

Apr-01 Ultimate X-Men (Vol. 1): Killing Fields 5 Marvel 3.3 284.27

May-01 New X-Men (Vol. 1) 114 Marvel 3.6 284.49

Jun-01 New X-Men (Vol. 1) 115 Marvel 3.2 284.73

Jul-01 New X-Men (Vol. 1) 116 Marvel 2.7 284.97

Aug-01 New X-Men (Vol. 1) 117 Marvel 2.7 285.22

Sep-01 Wolverine: The Origin 1 Marvel 2.6 285.49

Oct-01 Wolverine: The Origin 2 Marvel 2.1 285.69

Nov-01 Wolverine: The Origin 4 Marvel 1.9 285.92

Dec-01 Dark Knight Strikes Again 1 DC 1.6 286.14

Jan-02 Batman 10 Cent Adventure 0 DC 1.1 286.34


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Feb-02 Dark Knight Strikes Again 3 DC 1.1 286.54

Mar-02 New X-Men (Vol. 1) 124 Marvel 1.5 286.72

Apr-02 FCBD Edition Ultimate Spider-Man 1 Marvel 1.6 286.93

May-02 Transformers Generation One 2 Dreamwav 1.2 287.15

Jun-02 Transformers Generation One 3 Dreamwav 1.1 287.39

Jul-02 Transformers Armada 1 Dreamwav 1.5 287.63

Aug-02 Fantastic Four (Vol. 3) 60 Marvel 1.8 287.87

Sep-02 Transformers Generation One 6 Dreamwav 1.5 288.13

Oct-02 Batman 608 DC 2 288.38

Nov-02 Masters of the Universe 1 Image 2.2 288.61

Dec-02 Ultimate War 1 Marvel 2.4 288.81

Jan-03 Batman 611 DC 2.6 289

Feb-03 Batman 612 DC 3 289.13

Mar-03 Batman 613 DC 3 289.26

Apr-03 Batman 614 DC 2.2 289.4

May-03 Wolverine 1 Marvel 2.1 289.56

Jun-03 Batman 616 DC 2.1 289.82

Jul-03 Batman 617 DC 2.1 290.11

Aug-03 Marvel 1602 1 Marvel 2.2 290.39

Sep-03 Batman 619 DC 2.3 290.66Oct-03 JLA/Avengers 2 DC 2 290.92

Nov-03 JLA/Avengers 3 Marvel 1.8 291.16

Dec-03 Ultimate Fantastic Four (Vol. 1) 1 Marvel 1.9 291.36

Jan-04 Ultimate Fantastic Four (Vol. 2) 2 Marvel 1.9 291.55

Feb-04 New X-Men 153 Marvel 1.7 291.72

Mar-04 Superman/Batman (Vol. 1) 8 DC 1.7 291.89

Apr-04 Superman 204 DC 2.3 292.11

May-04 Astonishing X-Men (Vol. 3) 1 Marvel 3.1 292.35Jun-04 Identity Crisis (Vol. 1) 1 DC 3.3 292.57

Jul-04 Superman/Batman (Vol. 1) 11 DC 3 292.81

Aug-04 Astonishing X-Men (Vol. 3) 4 Marvel 2.7 293.06

Sep-04 Superman/Batman (Vol. 1) 12 DC 2.5 293.31

Oct-04 Identity Crisis (Vol. 1) 5 DC 3.2 293.57


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Nov-04 Superman/Batman (Vol. 1) 13 DC 3.5 293.8

Dec-04 New Avengers (Vol. 1) 1 Marvel 3.3 294.02

Jan-05 New Avengers (Vol. 1) 2 Marvel 3 294.23

Feb-05 New Avengers (Vol. 1) 3 Marvel 3 294.38

Mar-05 DC Countdown To Infinite Crisis 1 DC 3.1 294.56

Apr-05 New Avengers (Vol. 1) 5 Marvel 3.5 294.78

May-05 Green Lantern 1 DC 2.8 295.03

Jun-05 House of M 1 Marvel 2.5 295.26

Jul-05 All Star Batman & Robin the Boy Wonder 1 DC 3.2 295.52

Aug-05 Justice 1 DC 3.6 295.77

Sep-05 All Star Batman & Robin the Boy Wonder 2 DC 4.7 296.04

Oct-05 Infinite Crisis 1 DC 4.3 296.31

Nov-05 Infinite Crisis 2 DC 3.5 296.52

Dec-05 Infinite Crisis 3 DC 3.4 296.76

Jan-06 Infinite Crisis 4 DC 4 296.99

Feb-06 Astonishing X-Men (Vol. 3) 13 Marvel 3.6 297.22

Mar-06 Infinite Crisis 5 DC 3.4 297.42

Apr-06 Infinite Crisis 6 DC 3.5 297.65

May-06 Civil War 1 Marvel 4.2 297.87

Jun-06 Civil War 2 Marvel 4.3 298.12Jul-06 Civil War 3 Marvel 4.1 298.38

Aug-06 Justice League of America 1 DC 3.8 298.63

Sep-06 Civil War 4 Marvel 2.1 298.91

Oct-06 The New Avengers (Vol. 1) 24 Marvel 1.3 299.16

Nov-06 Civil War 5 Marvel 2 299.4

Dec-06 Justice League of America 4 DC 2.5 299.66

Jan-07 Civil War 6 Marvel 2.1 299.89

Feb-07 Civil War 7 Marvel 2.4 300.1Mar-07 Captain America (Vol. 5) 25 Marvel 2.8 300.29

Apr-07

Fallen Son: Death of Captain America

Wolverine 1 Marvel 2.6 300.51

May-07

Fallen Son: Death of Captain America:

Captain America 3 Marvel 2.7 300.73

Jun-07 World War Hulk 1 Marvel 2.7 300.97


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Jul-07 Thor (Vol. 3) 1 Marvel 2.4 301.23

Aug-07 World War Hulk 3 Marvel 2 301.5

Sep-07 World War Hulk 4 Marvel 2.8 301.77

Oct-07 The New Avengers (Vol. 1) 35 Marvel 3.5 302.03

Nov-07 World War Hulk 5 Marvel 4.3 302.29

Dec-07 The Ultimates 3 (Vol. 1) 1 Marvel 4.1 302.53

Jan-08 Hulk 1 Marvel 4.3 302.75

Feb-08 X-Force 1 Marvel 4 302.97

Mar-08 Dark Tower: Long Road Home 1 Marvel 4 303.19

Apr-08 Secret Invasion 1 Marvel 3.9 303.38

May-08 Secret Invasion 2 Marvel 4.2 303.62

Jun-08 Secret Invasion 3 Marvel 5 303.85

Jul-08 Secret Invasion 4 Marvel 5.6 304.09

Aug-08 Secret Invasion 5 Marvel 5.4 304.36

Sep-08 Secret Invasion 6 Marvel 4.9 304.61

Oct-08 Secret Invasion 7 Marvel 3.7 304.86

Nov-08 Ultimatum 1 Marvel 1.1 305.09

Dec-08 Secret Invasion 8 Marvel 0.1 305.3

Jan-09 Amazing Spider-Man 583 Marvel 0 305.52

Feb-09 Amazing Spider-Man 583 Marvel 0.2 305.72Mar-09 Dark Avengers 3 Marvel -0.4 305.92

Apr-09 Detective Comics 853 DC -0.7 306.11

May-09 The New Avengers (Vol. 1) 53 Marvel -1.3 306.32

Jun-09 Batman and Robin 1 DC -1.4 306.54

Jul-09 Captain America Reborn 1 Marvel -2.1 306.77

Aug-09 Blackest Night 2 DC -1.5 307.01

Sep-09 Blackest Night 3 DC -1.3 307.27

Oct-09 Blackest Night 4 DC -0.2 307.52Nov-09 Blackest Night* 5 DC 1.8 307.76

Dec-09 Blackest Night 6 DC 2.7 307.95

Jan-10 Siege 1 Marvel 2.6 308.17

Feb-10 Blackest Night 7 DC 2.1 308.38

Mar-10 Blackest Night 8 DC 2.3 308.57


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Apr-10 Brightest Day 0 DC 2.2 308.75

May-10 The Heroic Age: Avengers 1 Marvel 2 308.93

Jun-10 The Heroic Age: New Avengers 1 Marvel 1.1 309.13

Jul-10 X-Men 1 Marvel 1.2 309.35

Aug-10 Brightest Day 7 DC 1.1 309.55

Sep-10 Wolverine 1 Marvel 1.1 309.77

Oct-10 Uncanny X-Force 1 Marvel 1.2 309.99

Nov-10 Batman The Return 1 DC 1.1 310.18

Dec-10 Batman The Dark Knight 1 DC 1.5 310.34

Jan-11 Fantastic Four 587 Marvel 1.6 310.53

Feb-11 Green Lantern (Vol. 4) 62 DC 2.1 310.7

Mar-11 FF 1 Marvel 2.7 310.85

Apr-11 Fear Itself 1 Marvel 3.2 311.03

May-11 Fear Itself 2 Marvel 3.6 311.22

Jun-11 Ultimate Spider-Man (Vol. 1) 160 Marvel 3.6 311.39

Jul-11 Amazing Spider-Man 666 Marvel 3.6 311.59

Aug-11 Justice League (Vol. 2) 1 DC 3.8 311.81

Sep-11 Batman 1 DC 3.9 312.02

Oct-11 Justice League (Vol. 2) 2 DC 3.5 312.23

Nov-11 Justice League (Vol. 2) 3 DC 3.4 312.43Dec-11 Justice League (Vol. 2) 4 DC 3 312.6

Jan-12 Justice League (Vol. 2) 5 DC 2.9 312.78

Feb-12 Justice League (Vol. 2) 6 DC 2.9 312.94

Mar-12 Avengers vs. X-Men 0 Marvel 2.7 313.11

Apr-12 Avengers vs. X-Men 2 Marvel 2.3 313.28

May-12 Avengers vs. X-Men 4 Marvel 1.7 313.46

Jun-12 Avengers vs. X-Men 6 Marvel 1.7 313.65

Jul-12 Walking Dead 100 Image 1.4 313.85Aug-12 Avengers vs. X-Men 9 Marvel 1.7 314.07

Sep-12 Avengers vs. X-Men 11 Marvel 2 314.28

Oct-12 Uncanny Avengers 1 Marvel 2.2 314.49

Nov-12 All-New X-Men 1 Marvel 1.8 314.69

Dec-12 Amazing Spider-Man 700 Marvel 1.7 314.69


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APPENDIX C:

IMAGES OF NO. 1 COMICS

Jan 1997 Feb 1997 Mac 1997 Apr 1997 May 1997

Jun 1997 Jul 1997 Aug 1997 Sep 1997

Nov 1997 Dec 1997

Oct 1997

Jan 1998 Feb 1998 Mac 1998


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Apr 1998 May 1998 Jun 1998 Jul 1998 Aug 1998

Sep 1998 Oct 1998 Nov 1998 Dec 1998 Jan 1999

Feb 1999 Mac 1999 Apr 1999 May 1999 Jun 1999

Jul 1999 Aug 1999 Sep 1999 Oct 1999 Nov 1999


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Dec 1999 Jan 2000 Feb 2000 Mac 2000 Apr 2000

May 2000 Jun 2000 Jul 2000 Aug 2000 Sep 2000

Oct 2000 Nov 2000 Dec 2000 Jan 2001 Feb 2001

Mac 2001 Apr 2001 May 2001 Jun 2001 Jul 2001


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Aug 2001 Sep 2001 Oct 2001 Nov 2001 Dec 2001


Jun 2002 Jul 2002 Aug 2002 Sep 2002 Oct 2002

Nov 2002 Dec 2002 Jan 2003 Feb 2003 Mac 2003


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Aug 2006 Sep 2006 Oct 2006 Nov 2006 Dec 2006


Jun 2007 Jul 2007 Aug 2007 Sep 2007 Oct 2007

Nov 2007 Dec 2007 Jan 2008 Feb 2008 Mac 2008


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APPENDIX D:

http://easycalculation.com/statistics/t-distribution-critical-value-table.php

NOTE: The critical values of t-distribution are calculated according to the probabilities of 2 (alpha) values and df (degrees of freedom). The Alpha () values of two-tailed and one tailed,

0.05 and 0.1 are the 2 column to be compared with the dfin the row (of the table below).

(1 tail) 0.05 0.025 0.01 0.005 0.0025 0.001 0.0005

(2 tail) 0.1 0.05 0.02 0.01 0.005 0.002 0.001

df

1 6.3138 12.7065 31.8193 63.6551 127.3447 318.4930 636.0450

2 2.9200 4.3026 6.9646 9.9247 14.0887 22.3276 31.5989

3 2.3534 3.1824 4.5407 5.8408 7.4534 10.2145 12.9242

4 2.1319 2.7764 3.7470 4.6041 5.5976 7.1732 8.6103

5 2.0150 2.5706 3.3650 4.0322 4.7734 5.8934 6.8688

6 1.9432 2.4469 3.1426 3.7074 4.3168 5.2076 5.9589

7 1.8946 2.3646 2.9980 3.4995 4.0294 4.7852 5.4079

8 1.8595 2.3060 2.8965 3.3554 3.8325 4.5008 5.0414

9 1.8331 2.2621 2.8214 3.2498 3.6896 4.2969 4.7809

10 1.8124 2.2282 2.7638 3.1693 3.5814 4.1437 4.5869

11 1.7959 2.2010 2.7181 3.1058 3.4966 4.0247 4.4369

12 1.7823 2.1788 2.6810 3.0545 3.4284 3.9296 4.3178


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13 1.7709 2.1604 2.6503 3.0123 3.3725 3.8520 4.2208

14 1.7613 2.1448 2.6245 2.9768 3.3257 3.7874 4.1404

15 1.7530 2.1314 2.6025 2.9467 3.2860 3.7328 4.0728

16 1.7459 2.1199 2.5835 2.9208 3.2520 3.6861 4.0150

17 1.7396 2.1098 2.5669 2.8983 3.2224 3.6458 3.9651

18 1.7341 2.1009 2.5524 2.8784 3.1966 3.6105 3.9216

19 1.7291 2.0930 2.5395 2.8609 3.1737 3.5794 3.8834

20 1.7247 2.0860 2.5280 2.8454 3.1534 3.5518 3.8495

21 1.7207 2.0796 2.5176 2.8314 3.1352 3.5272 3.8193

22 1.7172 2.0739 2.5083 2.8188 3.1188 3.5050 3.7921

23 1.7139 2.0686 2.4998 2.8073 3.1040 3.4850 3.7676

24 1.7109 2.0639 2.4922 2.7970 3.0905 3.4668 3.7454

25 1.7081 2.0596 2.4851 2.7874 3.0782 3.4502 3.7251

26 1.7056 2.0555 2.4786 2.7787 3.0669 3.4350 3.7067

27 1.7033 2.0518 2.4727 2.7707 3.0565 3.4211 3.6896

28 1.7011 2.0484 2.4671 2.7633 3.0469 3.4082 3.6739

29 1.6991 2.0452 2.4620 2.7564 3.0380 3.3962 3.6594

30 1.6973 2.0423 2.4572 2.7500 3.0298 3.3852 3.6459

31 1.6955 2.0395 2.4528 2.7440 3.0221 3.3749 3.6334


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32 1.6939 2.0369 2.4487 2.7385 3.0150 3.3653 3.6218

33 1.6924 2.0345 2.4448 2.7333 3.0082 3.3563 3.6109

34 1.6909 2.0322 2.4411 2.7284 3.0019 3.3479 3.6008

35 1.6896 2.0301 2.4377 2.7238 2.9961 3.3400 3.5912

36 1.6883 2.0281 2.4345 2.7195 2.9905 3.3326 3.5822

37 1.6871 2.0262 2.4315 2.7154 2.9853 3.3256 3.5737

38 1.6859 2.0244 2.4286 2.7115 2.9803 3.3190 3.5657

39 1.6849 2.0227 2.4258 2.7079 2.9756 3.3128 3.5581

40 1.6839 2.0211 2.4233 2.7045 2.9712 3.3069 3.5510

41 1.6829 2.0196 2.4208 2.7012 2.9670 3.3013 3.5442

42 1.6820 2.0181 2.4185 2.6981 2.9630 3.2959 3.5378

43 1.6811 2.0167 2.4162 2.6951 2.9591 3.2909 3.5316

44 1.6802 2.0154 2.4142 2.6923 2.9555 3.2861 3.5258

45 1.6794 2.0141 2.4121 2.6896 2.9521 3.2815 3.5202

46 1.6787 2.0129 2.4102 2.6870 2.9488 3.2771 3.5149

47 1.6779 2.0117 2.4083 2.6846 2.9456 3.2729 3.5099

48 1.6772 2.0106 2.4066 2.6822 2.9426 3.2689 3.5051

49 1.6766 2.0096 2.4049 2.6800 2.9397 3.2651 3.5004

50 1.6759 2.0086 2.4033 2.6778 2.9370 3.2614 3.4960


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51 1.6753 2.0076 2.4017 2.6757 2.9343 3.2579 3.4917

52 1.6747 2.0066 2.4002 2.6737 2.9318 3.2545 3.4877

53 1.6741 2.0057 2.3988 2.6718 2.9293 3.2513 3.4838

54 1.6736 2.0049 2.3974 2.6700 2.9270 3.2482 3.4800

55 1.6730 2.0041 2.3961 2.6682 2.9247 3.2451 3.4764

56 1.6725 2.0032 2.3948 2.6665 2.9225 3.2423 3.4730

57 1.6720 2.0025 2.3936 2.6649 2.9204 3.2394 3.4696

58 1.6715 2.0017 2.3924 2.6633 2.9184 3.2368 3.4663

59 1.6711 2.0010 2.3912 2.6618 2.9164 3.2342 3.4632

60 1.6706 2.0003 2.3901 2.6603 2.9146 3.2317 3.4602

61 1.6702 1.9996 2.3890 2.6589 2.9127 3.2293 3.4573

62 1.6698 1.9990 2.3880 2.6575 2.9110 3.2269 3.4545

63 1.6694 1.9983 2.3870 2.6561 2.9092 3.2247 3.4518

64 1.6690 1.9977 2.3860 2.6549 2.9076 3.2225 3.4491

65 1.6686 1.9971 2.3851 2.6536 2.9060 3.2204 3.4466

66 1.6683 1.9966 2.3842 2.6524 2.9045 3.2184 3.4441

67 1.6679 1.9960 2.3833 2.6512 2.9030 3.2164 3.4417

68 1.6676 1.9955 2.3824 2.6501 2.9015 3.2144 3.4395

69 1.6673 1.9950 2.3816 2.6490 2.9001 3.2126 3.4372


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70 1.6669 1.9944 2.3808 2.6479 2.8987 3.2108 3.4350

71 1.6666 1.9939 2.3800 2.6468 2.8974 3.2090 3.4329

72 1.6663 1.9935 2.3793 2.6459 2.8961 3.2073 3.4308

73 1.6660 1.9930 2.3785 2.6449 2.8948 3.2056 3.4288

74 1.6657 1.9925 2.3778 2.6439 2.8936 3.2040 3.4269

75 1.6654 1.9921 2.3771 2.6430 2.8925 3.2025 3.4250

76 1.6652 1.9917 2.3764 2.6421 2.8913 3.2010 3.4232

77 1.6649 1.9913 2.3758 2.6412 2.8902 3.1995 3.4214

78 1.6646 1.9909 2.3751 2.6404 2.8891 3.1980 3.4197

79 1.6644 1.9904 2.3745 2.6395 2.8880 3.1966 3.4180

80 1.6641 1.9901 2.3739 2.6387 2.8870 3.1953 3.4164

81 1.6639 1.9897 2.3733 2.6379 2.8859 3.1939 3.4147

82 1.6636 1.9893 2.3727 2.6371 2.8850 3.1926 3.4132

83 1.6634 1.9889 2.3721 2.6364 2.8840 3.1913 3.4117

84 1.6632 1.9886 2.3716 2.6356 2.8831 3.1901 3.4101

85 1.6630 1.9883 2.3710 2.6349 2.8821 3.1889 3.4087

86 1.6628 1.9879 2.3705 2.6342 2.8813 3.1877 3.4073

87 1.6626 1.9876 2.3700 2.6335 2.8804 3.1866 3.4059

88 1.6623 1.9873 2.3695 2.6328 2.8795 3.1854 3.4046


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89 1.6622 1.9870 2.3690 2.6322 2.8787 3.1844 3.4032

90 1.6620 1.9867 2.3685 2.6316 2.8779 3.1833 3.4020

91 1.6618 1.9864 2.3680 2.6309 2.8771 3.1822 3.4006

92 1.6616 1.9861 2.3676 2.6303 2.8763 3.1812 3.3995

93 1.6614 1.9858 2.3671 2.6297 2.8755 3.1802 3.3982

94 1.6612 1.9855 2.3667 2.6292 2.8748 3.1792 3.3970

95 1.6610 1.9852 2.3662 2.6286 2.8741 3.1782 3.3959

96 1.6609 1.9850 2.3658 2.6280 2.8734 3.1773 3.3947

97 1.6607 1.9847 2.3654 2.6275 2.8727 3.1764 3.3936

98 1.6606 1.9845 2.3650 2.6269 2.8720 3.1755 3.3926

99 1.6604 1.9842 2.3646 2.6264 2.8713 3.1746 3.3915

100 1.6602 1.9840 2.3642 2.6259 2.8706 3.1738 3.3905

101 1.6601 1.9837 2.3638 2.6254 2.8700 3.1729 3.3894

102 1.6599 1.9835 2.3635 2.6249 2.8694 3.1720 3.3885

103 1.6598 1.9833 2.3631 2.6244 2.8687 3.1712 3.3875

104 1.6596 1.9830 2.3627 2.6240 2.8682 3.1704 3.3866

105 1.6595 1.9828 2.3624 2.6235 2.8675 3.1697 3.3856

106 1.6593 1.9826 2.3620 2.6230 2.8670 3.1689 3.3847

107 1.6592 1.9824 2.3617 2.6225 2.8664 3.1681 3.3838


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146 1.6554 1.9764 2.3522 2.6099 2.8503 3.1470 3.3584

147 1.6553 1.9762 2.3520 2.6097 2.8500 3.1466 3.3579

148 1.6552 1.9761 2.3518 2.6094 2.8497 3.1462 3.3575

149 1.6551 1.9760 2.3516 2.6092 2.8494 3.1458 3.3570

150 1.6551 1.9759 2.3515 2.6090 2.8491 3.1455 3.3565

151 1.6550 1.9758 2.3513 2.6088 2.8489 3.1451 3.3561

152 1.6549 1.9757 2.3511 2.6085 2.8486 3.1447 3.3557

153 1.6549 1.9756 2.3510 2.6083 2.8483 3.1443 3.3552

154 1.6548 1.9755 2.3508 2.6081 2.8481 3.1440 3.3548

155 1.6547 1.9754 2.3507 2.6079 2.8478 3.1436 3.3544

156 1.6547 1.9753 2.3505 2.6077 2.8475 3.1433 3.3540

157 1.6546 1.9752 2.3503 2.6075 2.8472 3.1430 3.3536

158 1.6546 1.9751 2.3502 2.6073 2.8470 3.1426 3.3531

159 1.6545 1.9750 2.3500 2.6071 2.8467 3.1423 3.3528

160 1.6544 1.9749 2.3499 2.6069 2.8465 3.1419 3.3523

161 1.6544 1.9748 2.3497 2.6067 2.8463 3.1417 3.3520

162 1.6543 1.9747 2.3496 2.6065 2.8460 3.1413 3.3516

163 1.6543 1.9746 2.3495 2.6063 2.8458 3.1410 3.3512

164 1.6542 1.9745 2.3493 2.6062 2.8455 3.1407 3.3508


62/67

| 61P a g e

165 1.6542 1.9744 2.3492 2.6060 2.8452 3.1403 3.3505

166 1.6541 1.9744 2.3490 2.6058 2.8450 3.1400 3.3501

167 1.6540 1.9743 2.3489 2.6056 2.8448 3.1398 3.3497

168 1.6540 1.9742 2.3487 2.6054 2.8446 3.1394 3.3494

169 1.6539 1.9741 2.3486 2.6052 2.8443 3.1392 3.3490

170 1.6539 1.9740 2.3485 2.6051 2.8441 3.1388 3.3487

171 1.6538 1.9739 2.3484 2.6049 2.8439 3.1386 3.3483

172 1.6537 1.9739 2.3482 2.6047 2.8437 3.1383 3.3480

173 1.6537 1.9738 2.3481 2.6046 2.8435 3.1380 3.3477

174 1.6537 1.9737 2.3480 2.6044 2.8433 3.1377 3.3473

175 1.6536 1.9736 2.3478 2.6042 2.8430 3.1375 3.3470

176 1.6536 1.9735 2.3477 2.6041 2.8429 3.1372 3.3466

177 1.6535 1.9735 2.3476 2.6039 2.8427 3.1369 3.3464

178 1.6535 1.9734 2.3475 2.6037 2.8424 3.1366 3.3460

179 1.6534 1.9733 2.3474 2.6036 2.8423 3.1364 3.3457

180 1.6534 1.9732 2.3472 2.6034 2.8420 3.1361 3.3454

181 1.6533 1.9731 2.3471 2.6033 2.8419 3.1358 3.3451

182 1.6533 1.9731 2.3470 2.6031 2.8416 3.1356 3.3448

183 1.6532 1.9730 2.3469 2.6030 2.8415 3.1354 3.3445


63/67

| 62P a g e

184 1.6532 1.9729 2.3468 2.6028 2.8413 3.1351 3.3442

185 1.6531 1.9729 2.3467 2.6027 2.8411 3.1349 3.3439

186 1.6531 1.9728 2.3466 2.6025 2.8409 3.1346 3.3436

187 1.6531 1.9727 2.3465 2.6024 2.8407 3.1344 3.3433

188 1.6530 1.9727 2.3463 2.6022 2.8406 3.1341 3.3430

189 1.6529 1.9726 2.3463 2.6021 2.8403 3.1339 3.3428

190 1.6529 1.9725 2.3461 2.6019 2.8402 3.1337 3.3425

191 1.6529 1.9725 2.3460 2.6018 2.8400 3.1334 3.3422

192 1.6528 1.9724 2.3459 2.6017 2.8398 3.1332 3.3419

193 1.6528 1.9723 2.3458 2.6015 2.8397 3.1330 3.3417

194 1.6528 1.9723 2.3457 2.6014 2.8395 3.1328 3.3414

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