QDM - Us Top Comic Analysis

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
Page |1
Contents
page
1- ABSTRACT. 2
2- INTRODUCTION 3-4
3- LITERATURE REVIEW 5-14
4- METHODOLOGY.. 15-16
5- DISCUSSION OF FINDINGS.... 17-25
6- CONCLUSION & RECOMMENDATION.... 26-28
7- REFERENCE......
29-30
8- APPENDIX A: VARIABLES DATA 1......
31-35
9- APPENDIX B: VARIABLES DATA 2..
36-41
10- APPENDIX C: IMAGES OF NO.1 COMICS
42-51
11- APPENDIX D: T-TABLE...
52-62
12- APPENDIX E: INFLATION RATE
63-65
Page |2
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 comic book 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 to
find 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.
Page |3
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 International
2013 (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.
Page |4
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 independent
variables.
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.
Page |5
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 Comics series 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).
The Yellow Kid in McFaddens Flats
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.
Page |6
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 7th issue 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 a
week with title changed to Comic Funnies
Weekly (, which lasted for 422 issues ending on
23rd May 1941 (Coville, 1996).
Comic Funnies Weekly
Page |7
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 (19701984), 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.
Page |8
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.
Today the highest

bid price of Action
Comics #1 in
ebay.com is $1500
(as at 23rd July 2013),
while Superman #1
is at the highest price
of $37,500 (as at 23rd
July 2013).
Source: ebay.com
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.
Page |9
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]
P a g e | 10
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 (19391945), 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.
P a g e | 11
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,
Werthams theory 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.
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 old
teenager who killed her own mother and Show of
Violence (1949) that exposed a few criminal cases
under his study (Coville, 1996).
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).
P a g e | 12
Flash was one of the superheroes that

introduced during the Golden Age
published 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 relaunched of The Flash. Many other
superheroes from other publishers,
especially from Marvel Comics were
re-launched.
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).
P a g e | 13
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).
P a g e | 14
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.
P a g e | 15
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
P a g e | 16
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:
Y = + 1(X1) + 2 (X2) + 3 (X3) + 4 (X4)
SALES
(Y)
PRICE
(X1)
INFLATION RATE
(X2)
COPIES (SOLD)
(X3)
U.S POPULATION
(X4)
With SPSS Statistics, we generate calculation for tables of value information that we
would be able to assign analysis of these purposes:
Correlation/Autocorrelation defining 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.
1
https://www.cia.gov/library/publications/the-world- factbook/geos/us.html
http://factfinder2.census.gov/faces/nav/jsf/pages/index.xhtml
3
http://www.demographia.com/db-uspop1900.htm
4
http://www.npg.org/facts/us_historical_pops.htm
2
P a g e | 17
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
Sales
Price
Inflation
Copies
Population
Mean
507560.3124
3.1416
2.42
167535.19
294.0343
Std. Deviation
261281.13463
1.12371
1.230
83267.333
12.73659
N
192
192
192
192
192
It 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.
P a g e | 18
TABLE 2:
YEAR
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
TOTAL
PRICE
$2.26
$2.24
$1.95
$2.64
$3.04
$2.48
$2.97
$2.91
$2.93
$3.41
$3.41
$3.82
$3.91
$3.99
$3.82
$4.32
$50.10
COPIES
2,333,632
1,883,692
1,555,941
1,433,906
1,601,690
3,286,424
1,878,980
1,944,284
2,341,953
2,555,439
2,174,832
1,898,014
1,827,386
1,419,927
1,662,694
2,367,962
32,166,756
SALES
$5,334,982.74
$4,281,973.60
$3,307,812.64
$3,870,237.79
$5,216,461.95
$4,419,001.26
$5,566,278.90
$5,597,407.70
$6,992,887.95
$8,692,480.61
$7,417,387.68
$7,334,096.86
$7,122,731.14
$5,671,594.73
$6,374,212.06
$10,252,032.38
$97,451,579.99
POPULATION
3,270.71
3,309.15
3,347.30
3,383.24
3,418.46
3,450.50
3,480.77
3,512.76
3,545.16
3,579.41
3,613.84
3,648.07
3,680.41
3,711.11
3,738.40
3,765.29
56,454.58
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 commercial
product. 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.
P a g e | 19
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 a
weak 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.
P a g e | 20
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
sales
price
inflation
copies
population
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.
P a g e | 21
MULTIPLE REGRESSION ANALYSIS

Based on quantitative approach method we had performed through the regression and
obtained the result of significant constant amount for p-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:
Level of Significance, : 5%
Standardized
Unstandardized Coefficients
Coefficients
Sig.
Std. Error
(p-value)
(Constant) 192798.570
238497.691
.808
.420
price 215555.054
10108.174
.927
21.325
.000
inflation 16915.048
7261.089
.080
2.330
.021
1.368
.110
.436
12.396
.000
-2151.176
872.530
-.105
-2.465
.015
copies
population
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
P a g e | 22
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
Refer to APPENDIX D, df = 191
H0 : = 0
H1 : 0
-1.9725
1.9725
21.325
(Price)
-2.465
(Population)
2.330
(Inflation)
12.3956
(Copies)
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.
P a g e | 23
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 the p-value. But if the p-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.
p-value;
price (.000)
inflation (.021)
copies sold (.000)
population (.015)
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 a g e | 24
Next, multicollinearity test is required to run in order to measure whether the high R2
value is 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:
Model
R Square
Adjusted R Square
Std. Error of the Estimate
.884a
.782
.778
123221.83423
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 dividing
the 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.
P a g e | 25
From the table, mean square plays a vital role as the values will be used in interpreting the null
hypothesis testing against the stated alternative hypothesis. In order to decide whether to accept
null or vice versa, we measure by the indicator as per below:
If 1 = 0, MSR/MSE is equal to one
If 1 0, MSR/MSE to be greater than one
Therefore, it can be said that our decision whether to accept null or alternate will be based on the
ratio ruling as per illustrate before. With Degree of Freedom for numerator is 4, Degree of
Freedom for denominator more than 191 (which is above 120 from the F-table), therefore our
result is 2.37, which higher than our computed value of F. Thus from the analysis we have
decided to reject null and accept the alternate.
Sum of Squares
df
Mean Square
Sig.
Regression
1.020
2.550
167.941
.000a
Residual
2.839
187
1.518
Total
1.304
191
P a g e | 26
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.
Uncanny X-Men
Amazing
Spider-Man
New
X-men
(Vol. 1)
Justice
League
(Vol. 2)
Infinite
Crisis
Avengers
vs.
X-Men
Civil War
Batman
Blackest Night
Secret Invasion
The highest selling comic titles (1997-2012)
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 sales. If the
sales drop indicates there might be increase of the population, though not much but it must be
taken into consideration.
P a g e | 27
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 comic
books. 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, only
a 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 market
today 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 ups
and 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 sales
are 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 researchers
or from the sources itself.
Marvel
2%
6%
DC
28%
Image
64%
The most profitable publishers (1997-2012)
Dreamwa
v
P a g e | 28
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.
PERIOD: 1997 - 2012
YEAR: 16, MONTH: 192
SAMPLES: Top sales No. 1
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 the
essential 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 be
further 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).
P a g e | 29
REFERENCES:
Coville, Jamie. The History of Comic Books. 2011, Jamie Coville. Retrieved July 23, 2013
from website http://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 Books from Mental Flosss book titled
Condensed Knowledge: A deliciously Irreverent Guide to Feeling Smart Again published in
Neatorama with permission. Retrieved July 23, 2013 from website http://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, 24th May 2013. Retrieved July 24, 2013 from website http://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 website http://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.
P a g e | 30
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 website http://goodereader.com
ICv2, retrieved on July 29, 2013 from website http://www.icv2.com/articles/news/24118.html
Lind/Marchal/Wathen. Statistical Techniques in Business & Economics. 15th Edition. 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
P a g e | 31
APPENDIX A:
VARIABLES DATA 1PRICE/COPIES/SALES
http://www.comichron.com/vitalstatistics/topcomics.html
Month
Jan-97
Feb-97
Mar-97
Apr-97
May-97
Jun-97
Jul-97
Aug-97
Sep-97
Oct-97
Nov-97
Dec-97
Jan-98
Feb-98
Mar-98
Apr-98
May-98
Jun-98
Jul-98
Aug-98
Sep-98
Oct-98
Nov-98
Dec-98
Jan-99
Feb-99
Mar-99
Apr-99
May-99
Jun-99
Jul-99
Aug-99
Sep-99
Oct-99
Title
X-Men: Hellfire Hong Kong
Uncanny X-Men (Vol. 1)
Superman (CE)
Spawn
Spawn
Fantastic Four (Vol. 3)
Darkness
X-Men: Behold The Ascension of Pilgrimm!
Fathom
Battle Chasers
Witchblade Tomb Raider
Issue
62
343
123
345
62
346
347
65
349
350
1
11
353
354
75
356
357
358
1
4
361
362
363
1
366
367
368
369
370
371
372
373
374
375
Price
$1.95
$1.95
$1.95
$1.95
$1.95
$1.99
$1.99
$1.95
$1.99
$3.99
$2.99
$2.50
$1.99
$1.99
$2.99
$1.99
$1.99
$1.99
$2.50
$2.50
$1.99
$1.99
$1.99
$2.95
$1.99
$1.99
$1.99
$1.99
$1.99
$1.99
$1.99
$1.99
$1.99
$2.99
Copies
196,041
171,418
213,481
179,378
167,373
173,453
165,832
165,234
163,170
171,453
209,793
357,006
154,418
142,450
146,013
149,541
142,959
143,673
257,087
143,545
138,138
138,548
136,600
190,720
139,010
130,872
131,418
129,900
127,164
125,608
123,144
116,274
110,737
114,868
Sales
$382,279.95
$334,265.10
$416,287.95
$349,787.10
$326,377.35
$345,171.47
$330,005.68
$322,206.30
$324,708.30
$684,097.47
$627,281.07
$892,515.00
$307,291.82
$283,475.50
$436,578.87
$297,586.59
$284,488.41
$285,909.27
$642,717.50
$358,862.50
$274,894.62
$275,710.52
$271,834.00
$562,624.00
$276,629.90
$260,435.28
$261,521.82
$258,501.00
$253,056.36
$249,959.92
$245,056.56
$231,385.26
$220,366.63
$343,455.32
P a g e | 32
Nov-99
Dec-99
Jan-00
Feb-00
Mar-00
Apr-00
May-00
Jun-00
Jul-00
Aug-00
Sep-00
Oct-00
Nov-00
Dec-00
Jan-01
Feb-01
Mar-01
Apr-01
May-01
Jun-01
Jul-01
Aug-01
Sep-01
Oct-01
Nov-01
Dec-01
Jan-02
Feb-02
Mar-02
Apr-02
May-02
Jun-02
Jul-02
Aug-02
Sep-02
Oct-02
Nov-02
Dec-02
Jan-03
Feb-03
Mar-03
Apr-03
Tomb Raider: Saga of the Medusa Mask

X-Men: Apocalypse The Twelve
X-Men: Revolution
Fathom
Spawn
Ultimate X-Men (Vol. 1): The Tomorrow
People
X-Men: One Tin Soldier Rides Away
Ultimate X-Men (Vol. 1): Betrayal
Ultimate X-Men (Vol. 1): Killing Fields
New X-Men (Vol. 1)
New X-Men (Vol. 1)
New X-Men (Vol. 1)
New X-Men (Vol. 1)
Wolverine: The Origin
Dark Knight Strikes Again
Batman 10 Cent Adventure
New X-Men (Vol. 1)
FCBD Edition Ultimate Spider-Man
Transformers Generation One
Transformers Armada
Batman
Masters of the Universe
Ultimate War
Batman
Batman
Batman
Batman
1
97
378
379
100
12
382
383
100
385
386
387
388
$2.50
$1.99
$1.99
$1.99
$2.99
$2.50
$2.25
$2.99
$4.95
$2.25
$2.25
$2.25
$2.25
189,455
117,491
113,703
108,443
144,878
124,505
114,855
120,672
143,493
109,829
111,873
113,696
110,874
$473,637.50
$233,807.09
$226,268.97
$215,801.57
$433,185.22
$311,262.50
$258,423.75
$360,809.28
$710,290.35
$247,115.25
$251,714.25
$255,816.00
$249,466.50
1
110
391
4
5
114
115
116
117
1
2
4
1
0
3
124
1
2
3
1
60
6
608
1
1
611
612
613
614
$2.99
$2.25
$2.25
$2.25
$2.25
$2.25
$2.25
$2.25
$2.25
$3.50
$3.50
$3.50
$7.95
$0.10
$7.95
$2.25
$0.12
$2.95
$2.95
$2.95
$0.09
$2.95
$2.25
$2.95
$2.25
$2.25
$2.25
$2.25
$2.25
117,085
100,964
102,428
105,248
109,670
144,835
142,308
136,249
136,919
135,651
131,582
168,460
187,376
702,126
184,327
111,904
631,990
124,093
141,118
145,567
752,699
127,550
120,945
112,276
131,829
129,377
145,400
133,628
153,556
$350,084.15
$227,169.00
$230,463.00
$236,808.00
$246,757.50
$325,878.75
$320,193.00
$306,560.25
$308,067.75
$474,778.50
$460,537.00
$589,610.00
$1,489,639.20
$70,212.60
$1,465,399.65
$251,784.00
$75,838.80
$366,074.35
$416,298.10
$429,422.65
$67,742.91
$376,272.50
$272,126.25
$331,214.20
$296,615.25
$291,098.25
$327,150.00
$300,663.00
$345,501.00
P a g e | 33
May-03
Jun-03
Jul-03
Aug-03
Sep-03
Oct-03
Nov-03
Dec-03
Jan-04
Feb-04
Mar-04
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Wolverine
Batman
Batman
Marvel 1602
Batman
JLA/Avengers
JLA/Avengers
Ultimate Fantastic Four (Vol. 1)
New X-Men
Superman/Batman (Vol. 1)
Superman
Astonishing X-Men (Vol. 3)
Identity Crisis (Vol. 1)
New Avengers (Vol. 1)
DC Countdown To Infinite Crisis
Green Lantern
House of M
All Star Batman & Robin the Boy Wonder
Justice
Infinite Crisis
Infinite Crisis
Infinite Crisis
Infinite Crisis
Infinite Crisis
Infinite Crisis
Civil War
Civil War
Civil War
Justice League of America
Civil War
The New Avengers (Vol. 1)
Civil War
1
616
617
1
619
2
3
1
2
153
8
204
1
1
11
4
12
5
13
1
2
3
1
5
1
1
1
1
2
1
2
3
4
13
5
6
1
2
3
1
4
24
5
$2.25
$2.25
$2.25
$3.50
$2.25
$5.95
$5.95
$2.25
$2.25
$2.25
$2.95
$2.50
$2.99
$3.95
$2.95
$2.99
$2.95
$3.95
$2.95
$2.25
$2.25
$2.25
$1.00
$2.25
$3.50
$2.99
$2.99
$2.99
$2.99
$3.99
$3.99
$3.99
$3.99
$2.99
$3.99
$3.99
$3.99
$2.99
$2.99
$3.99
$2.99
$2.99
$2.99
157,739
141,988
145,998
152,528
235,122
162,309
147,938
173,397
126,729
113,848
146,907
231,424
209,289
163,117
143,720
145,546
139,508
125,518
157,944
240,734
153,443
149,041
199,456
162,384
168,324
233,721
261,079
190,409
178,573
249,107
207,561
188,855
182,571
140,603
201,830
194,433
260,706
253,868
290,672
212,178
272,547
136,749
272,584
$354,912.75
$319,473.00
$328,495.50
$533,848.00
$529,024.50
$965,738.55
$880,231.10
$390,143.25
$285,140.25
$256,158.00
$433,375.65
$578,560.00
$625,774.11
$644,312.15
$423,974.00
$435,182.54
$411,548.60
$495,796.10
$465,934.80
$541,651.50
$345,246.75
$335,342.25
$199,456.00
$365,364.00
$589,134.00
$698,825.79
$780,626.21
$569,322.91
$533,933.27
$993,936.93
$828,168.39
$753,531.45
$728,458.29
$420,402.97
$805,301.70
$775,787.67
$1,040,216.94
$759,065.32
$869,109.28
$846,590.22
$814,915.53
$408,879.51
$815,026.16
P a g e | 34
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10

Civil War
Civil War
Captain America (Vol. 5)
Fallen Son: Death of Captain America
Wolverine
Fallen Son: Death of Captain America:
Captain America
World War Hulk
Thor (Vol. 3)
World War Hulk
World War Hulk
World War Hulk
The Ultimates 3 (Vol. 1)
Hulk
X-Force
Dark Tower: Long Road Home
Secret Invasion
Secret Invasion
Secret Invasion
Secret Invasion
Secret Invasion
Secret Invasion
Secret Invasion
Ultimatum
Secret Invasion
Amazing Spider-Man
Amazing Spider-Man
Dark Avengers
Detective Comics
Batman and Robin
Captain America Reborn
Blackest Night
Blackest Night
Blackest Night
Blackest Night*
Blackest Night
Siege
Blackest Night
Blackest Night
Brightest Day
4
6
7
25
$2.99
$2.99
$2.99
$3.99
136,698
259,251
265,886
290,497
$408,727.02
$775,160.49
$794,999.14
$1,159,083.03
$2.99
157,131
$469,821.69
3
1
1
3
4
35
5
1
1
1
1
1
2
3
4
5
6
7
1
8
583
583
3
853
53
1
1
2
3
4
5
6
1
7
8
0
$2.99
$3.99
$2.99
$3.99
$3.99
$2.99
$3.99
$2.99
$2.99
$2.99
$3.99
$3.99
$3.99
$3.99
$3.99
$3.99
$3.99
$3.99
$3.99
$3.99
$3.99
$3.99
$3.99
$3.99
$3.99
$2.99
$3.99
$3.99
$3.99
$3.99
$3.99
$3.99
$3.99
$3.99
$3.99
$3.99
169,972
178,297
165,267
151,513
148,564
111,363
145,769
131,322
133,895
105,084
123,803
250,213
182,390
175,670
175,423
165,871
164,393
154,656
114,208
152,408
352,847
148,778
96,532
104,099
94,367
168,539
193,014
145,938
140,667
137,086
144,868
100,651
108,484
130,613
135,059
129,446
$508,216.28
$711,405.03
$494,148.33
$604,536.87
$592,770.36
$332,975.37
$581,618.31
$392,652.78
$400,346.05
$314,201.16
$493,973.97
$998,349.87
$727,736.10
$700,923.30
$699,937.77
$661,825.29
$655,928.07
$617,077.44
$455,689.92
$608,107.92
$1,407,859.53
$593,624.22
$385,162.68
$415,355.01
$376,524.33
$503,931.61
$770,125.86
$582,292.62
$561,261.33
$546,973.14
$578,023.32
$401,597.49
$432,851.16
$521,145.87
$538,885.41
$516,489.54
P a g e | 35
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
The Heroic Age: Avengers

The Heroic Age: New Avengers
X-Men
Brightest Day
Wolverine
Uncanny X-Force
Batman The Return
Batman The Dark Knight
Fantastic Four
Green Lantern (Vol. 4)
FF
Fear Itself
Fear Itself
Ultimate Spider-Man (Vol. 1)
Amazing Spider-Man
Justice League (Vol. 2)
Batman
Avengers vs. X-Men
Avengers vs. X-Men
Avengers vs. X-Men
Avengers vs. X-Men
Walking Dead
Avengers vs. X-Men
Avengers vs. X-Men
Uncanny Avengers
All-New X-Men
Amazing Spider-Man
1
1
1
7
1
1
1
1
587
62
1
1
2
160
666
1
1
2
3
4
5
6
0
2
4
6
100
9
11
1
1
700
$3.99
$3.99
$3.99
$2.99
$3.99
$3.99
$4.99
$3.99
$3.99
$2.99
$3.99
$3.99
$3.99
$3.99
$3.99
$3.99
$2.99
$3.99
$3.99
$3.99
$3.99
$3.99
$3.99
$3.99
$3.99
$3.99
$3.99
$3.99
$3.99
$3.99
$3.99
$7.99
163,867
129,084
140,332
93,459
104,414
95,639
99,545
89,985
115,448
71,517
114,472
128,595
96,318
159,355
135,568
171,344
188,420
180,709
158,700
142,248
138,576
135,374
203,181
158,650
178,330
190,705
335,082
174,356
167,327
303,722
181,693
200,966
$653,829.33
$515,045.16
$559,924.68
$279,442.41
$416,611.86
$381,599.61
$496,729.55
$359,040.15
$460,637.52
$213,835.83
$456,743.28
$513,094.05
$384,308.82
$635,826.45
$540,916.32
$683,662.56
$563,375.80
$721,028.91
$633,213.00
$567,569.52
$552,918.24
$540,142.26
$810,692.19
$633,013.50
$711,536.70
$760,912.95
$1,336,977.18
$695,680.44
$667,634.73
$1,211,850.78
$724,955.07
$1,605,718.34
P a g e | 36
APPENDIX B:
VARIABLES DATA 2PUBLISHER/INFLATION RATE/POPULATION
https://www.google.com/fusiontables/DataSource?docid=1F1LWhYAo54sCTRkcnSJ1aZ8D9WUcEcxWlf26Ug
http://www.usinflationcalculator.com/inflation/historical-inflation-rates/
Month
Title
Issue
Publisher
Inflation
Rate
Population
(million)
Jan-97
X-Men: Hellfire Hong Kong
62
Marvel
271.09
Feb-97
343
Marvel
271.32
Mar-97
Superman (CE)
123
DC
2.8
271.56
Apr-97
345
Marvel
2.5
271.82
May-97
Spawn
62
Image
2.2
272.08
Jun-97
346
Marvel
2.3
272.36
Jul-97
347
Marvel
2.2
272.65
Aug-97
Spawn
65
Image
2.2
272.97
Sep-97
349
Marvel
2.2
273.29
Oct-97
350
Marvel
2.1
273.59
Nov-97
Marvel
1.8
273.87
Dec-97
Darkness
11
Image
1.7
274.11
Jan-98
353
Marvel
1.6
274.37
Feb-98
354
Marvel
1.4
274.58
Mar-98
X-Men: Behold The Ascension of Pilgrimm!
75
Marvel
1.4
274.78
Apr-98
356
Marvel
1.4
275.04
May-98
357
Marvel
1.7
275.3
Jun-98
358
Marvel
1.7
275.57
Jul-98
Fathom
Image
1.7
275.85
Aug-98
Battle Chasers
Image
1.6
276.16
Sep-98
361
Marvel
1.5
276.46
Oct-98
362
Marvel
1.5
276.75
Nov-98
363
Marvel
1.5
277.02
Dec-98
Witchblade Tomb Raider
Image
1.6
277.27
Jan-99
366
Marvel
1.7
277.53
Feb-99
367
Marvel
1.6
277.74
Mar-99
368
Marvel
1.7
277.94
Apr-99
369
Marvel
2.3
278.2
P a g e | 37
May-99
370
Marvel
2.1
278.46
Jun-99
371
Marvel
278.75
Jul-99
372
Marvel
2.1
279.04
Aug-99
373
Marvel
2.3
279.35
Sep-99
374
Marvel
2.6
279.65
Oct-99
375
Marvel
2.6
279.95
Nov-99
Tomb Raider: Saga of the Medusa Mask
Image
2.6
280.22
Dec-99
X-Men: Apocalypse The Twelve
97
Marvel
2.7
280.47
Jan-00
378
Marvel
2.7
280.47
Feb-00
379
Marvel
3.2
280.47
Mar-00
X-Men: Revolution
100
Marvel
3.8
280.47
Apr-00
Fathom
12
Image
3.1
281.43
May-00
382
Marvel
3.2
281.64
Jun-00
383
Marvel
3.7
281.89
Jul-00
Spawn
100
Image
3.7
282.16
Aug-00
385
Marvel
3.4
282.42
Sep-00
386
Marvel
3.5
282.69
Oct-00
387
Marvel
3.4
282.96
Nov-00
388
Marvel
3.4
283.2
Dec-00

Ultimate X-Men (Vol. 1): The Tomorrow
People
Marvel
3.4
283.44
Jan-01
X-Men: One Tin Soldier Rides Away
110
Marvel
3.7
283.65
Feb-01
391
Marvel
3.5
283.84
Mar-01
Ultimate X-Men (Vol. 1): Betrayal
Marvel
2.9
284.05
Apr-01
Ultimate X-Men (Vol. 1): Killing Fields
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
Marvel
2.6
285.49
Oct-01
Marvel
2.1
285.69
Nov-01
Marvel
1.9
285.92
Dec-01
DC
1.6
286.14
Jan-02
Batman 10 Cent Adventure
DC
1.1
286.34
P a g e | 38
Feb-02
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
Marvel
1.6
286.93
May-02
Dreamwav
1.2
287.15
Jun-02
Dreamwav
1.1
287.39
Jul-02
Transformers Armada
Dreamwav
1.5
287.63
Aug-02
60
Marvel
1.8
287.87
Sep-02
Dreamwav
1.5
288.13
Oct-02
Batman
608
DC
288.38
Nov-02
Masters of the Universe
Image
2.2
288.61
Dec-02
Ultimate War
Marvel
2.4
288.81
Jan-03
Batman
611
DC
2.6
289
Feb-03
Batman
612
DC
289.13
Mar-03
Batman
613
DC
289.26
Apr-03
Batman
614
DC
2.2
289.4
May-03
Wolverine
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
Marvel
2.2
290.39
Sep-03
Batman
619
DC
2.3
290.66
Oct-03
JLA/Avengers
DC
290.92
Nov-03
JLA/Avengers
Marvel
1.8
291.16
Dec-03
Marvel
1.9
291.36
Jan-04
Marvel
1.9
291.55
Feb-04
New X-Men
153
Marvel
1.7
291.72
Mar-04
DC
1.7
291.89
Apr-04
Superman
204
DC
2.3
292.11
May-04
Marvel
3.1
292.35
Jun-04
DC
3.3
292.57
Jul-04
11
DC
292.81
Aug-04
Marvel
2.7
293.06
Sep-04
12
DC
2.5
293.31
Oct-04
DC
3.2
293.57
P a g e | 39
Nov-04
13
DC
3.5
293.8
Dec-04
Marvel
3.3
294.02
Jan-05
Marvel
294.23
Feb-05
Marvel
294.38
Mar-05
DC Countdown To Infinite Crisis
DC
3.1
294.56
Apr-05
Marvel
3.5
294.78
May-05
Green Lantern
DC
2.8
295.03
Jun-05
House of M
Marvel
2.5
295.26
Jul-05
DC
3.2
295.52
Aug-05
Justice
DC
3.6
295.77
Sep-05
DC
4.7
296.04
Oct-05
Infinite Crisis
DC
4.3
296.31
Nov-05
Infinite Crisis
DC
3.5
296.52
Dec-05
Infinite Crisis
DC
3.4
296.76
Jan-06
Infinite Crisis
DC
296.99
Feb-06
13
Marvel
3.6
297.22
Mar-06
Infinite Crisis
DC
3.4
297.42
Apr-06
Infinite Crisis
DC
3.5
297.65
May-06
Civil War
Marvel
4.2
297.87
Jun-06
Civil War
Marvel
4.3
298.12
Jul-06
Civil War
Marvel
4.1
298.38
Aug-06
DC
3.8
298.63
Sep-06
Civil War
Marvel
2.1
298.91
Oct-06
24
Marvel
1.3
299.16
Nov-06
Civil War
Marvel
299.4
Dec-06
DC
2.5
299.66
Jan-07
Civil War
Marvel
2.1
299.89
Feb-07
Civil War
Marvel
2.4
300.1
Mar-07
25
Marvel
2.8
300.29
Marvel
2.6
300.51
May-07
Captain America (Vol. 5)

Fallen Son: Death of Captain America
Wolverine
Fallen Son: Death of Captain America:
Captain America
Marvel
2.7
300.73
Jun-07
World War Hulk
Marvel
2.7
300.97
Apr-07
P a g e | 40
Jul-07
Thor (Vol. 3)
Marvel
2.4
301.23
Aug-07
World War Hulk
Marvel
301.5
Sep-07
World War Hulk
Marvel
2.8
301.77
Oct-07
35
Marvel
3.5
302.03
Nov-07
World War Hulk
Marvel
4.3
302.29
Dec-07
The Ultimates 3 (Vol. 1)
Marvel
4.1
302.53
Jan-08
Hulk
Marvel
4.3
302.75
Feb-08
X-Force
Marvel
302.97
Mar-08
Dark Tower: Long Road Home
Marvel
303.19
Apr-08
Secret Invasion
Marvel
3.9
303.38
May-08
Secret Invasion
Marvel
4.2
303.62
Jun-08
Secret Invasion
Marvel
303.85
Jul-08
Secret Invasion
Marvel
5.6
304.09
Aug-08
Secret Invasion
Marvel
5.4
304.36
Sep-08
Secret Invasion
Marvel
4.9
304.61
Oct-08
Secret Invasion
Marvel
3.7
304.86
Nov-08
Ultimatum
Marvel
1.1
305.09
Dec-08
Secret Invasion
Marvel
0.1
305.3
Jan-09
Amazing Spider-Man
583
Marvel
305.52
Feb-09
Amazing Spider-Man
583
Marvel
0.2
305.72
Mar-09
Dark Avengers
Marvel
-0.4
305.92
Apr-09
Detective Comics
853
DC
-0.7
306.11
May-09
53
Marvel
-1.3
306.32
Jun-09
Batman and Robin
DC
-1.4
306.54
Jul-09
Captain America Reborn
Marvel
-2.1
306.77
Aug-09
Blackest Night
DC
-1.5
307.01
Sep-09
Blackest Night
DC
-1.3
307.27
Oct-09
Blackest Night
DC
-0.2
307.52
Nov-09
Blackest Night*
DC
1.8
307.76
Dec-09
Blackest Night
DC
2.7
307.95
Jan-10
Siege
Marvel
2.6
308.17
Feb-10
Blackest Night
DC
2.1
308.38
Mar-10
Blackest Night
DC
2.3
308.57
P a g e | 41
Apr-10
Brightest Day
DC
2.2
308.75
May-10
The Heroic Age: Avengers
Marvel
308.93
Jun-10
The Heroic Age: New Avengers
Marvel
1.1
309.13
Jul-10
X-Men
Marvel
1.2
309.35
Aug-10
Brightest Day
DC
1.1
309.55
Sep-10
Wolverine
Marvel
1.1
309.77
Oct-10
Uncanny X-Force
Marvel
1.2
309.99
Nov-10
Batman The Return
DC
1.1
310.18
Dec-10
Batman The Dark Knight
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
Marvel
2.7
310.85
Apr-11
Fear Itself
Marvel
3.2
311.03
May-11
Fear Itself
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
DC
3.8
311.81
Sep-11
Batman
DC
3.9
312.02
Oct-11
DC
3.5
312.23
Nov-11
DC
3.4
312.43
Dec-11
DC
312.6
Jan-12
DC
2.9
312.78
Feb-12
DC
2.9
312.94
Mar-12
Avengers vs. X-Men
Marvel
2.7
313.11
Apr-12
Avengers vs. X-Men
Marvel
2.3
313.28
May-12
Avengers vs. X-Men
Marvel
1.7
313.46
Jun-12
Avengers vs. X-Men
Marvel
1.7
313.65
Jul-12
Walking Dead
100
Image
1.4
313.85
Aug-12
Avengers vs. X-Men
Marvel
1.7
314.07
Sep-12
Avengers vs. X-Men
11
Marvel
314.28
Oct-12
Uncanny Avengers
Marvel
2.2
314.49
Nov-12
All-New X-Men
Marvel
1.8
314.69
Dec-12
Amazing Spider-Man
700
Marvel
1.7
314.69
P a g e | 42
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
Oct 1997
Nov 1997
Dec 1997
Jan 1998
Feb 1998
Mac 1998
P a g e | 43
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
P a g e | 44
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
P a g e | 45
Aug 2001
Sep 2001
Oct 2001
Nov 2001
Dec 2001
Jan 2002
Feb 2002
Mac 2002
Apr 2002
May 2002
Jun 2002
Jul 2002
Aug 2002
Sep 2002
Oct 2002
Nov 2002
Dec 2002
Jan 2003
Feb 2003
Mac 2003
P a g e | 46
Apr 2003
May 2003
Jun 2003
Jul 2003
Aug 2003
Sep 2003
Oct 2003
Nov 2003
Dec 2003
Jan 2004
Feb 2004
Mac 2004
Apr 2004
May 2004
Jun 2004
Jul 2004
Aug 2004
Sep 2004
Oct 2004
Nov 2004
P a g e | 47
Dec 2004
Jan 2005
Feb 2005
Mac 2005
Apr 2005
May 2005
Jun 2005
Jul 2005
Aug 2005
Sep 2005
Oct 2005
Nov 2005
Dec 2005
Jan 2006
Feb 2006
Mac 2006
Apr 2006
May 2006
Jun 2006
Jul 2006
P a g e | 48
Aug 2006
Sep 2006
Oct 2006
Nov 2006
Dec 2006
Jan 2007
Feb 2007
Mac 2007
Apr 2007
May 2007
Jun 2007
Jul 2007
Aug 2007
Sep 2007
Oct 2007
Nov 2007
Dec 2007
Jan 2008
Feb 2008
Mac 2008
P a g e | 49
Apr 2008
May 2008
Jun 2008
Jul 2008
Aug 2008
Sep 2008
Oct 2008
Nov 2008
Dec 2008
Jan 2009
Feb 2009
Mac 2009
Apr 2009
May 2009
Jun 2009
Jul 2009
Aug 2009
Sep 2009
Oct 2009
Nov 2009
P a g e | 50
Dec 2009
Jan 2010
Feb 2010
May 2010
Jun 2010
Jul 2010
Aug 2010
Sep 2010
Oct 2010
Nov 2010
Dec 2010
Jan 2011
Feb 2011
Mac 2011
Apr 2011
May 2011
Jun 2011
Jul 2011
Mac 2010
Apr 2010
P a g e | 51
Aug 2011
Sep 2011
Oct 2011
Nov 2011
Dec 2011
Jan 2012
Feb 2012
Mac 2012
Apr 2012
Mei 2012
Jun 2012
Jul 2012
Aug 2012
Sep 2012
Oct 2012
Nov 2012
Dec 2012
P a g e | 52
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 df in 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
2.9200 4.3026 6.9646
9.9247 14.0887
22.3276
31.5989
2.3534 3.1824 4.5407
5.8408 7.4534
10.2145
12.9242
2.1319 2.7764 3.7470
4.6041 5.5976
7.1732
8.6103
2.0150 2.5706 3.3650
4.0322 4.7734
5.8934
6.8688
1.9432 2.4469 3.1426
3.7074 4.3168
5.2076
5.9589
1.8946 2.3646 2.9980
3.4995 4.0294
4.7852
5.4079
1.8595 2.3060 2.8965
3.3554 3.8325
4.5008
5.0414
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
P a g e | 53
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
P a g e | 54
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
P a g e | 55
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
P a g e | 56
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
P a g e | 57
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
P a g e | 58
108
1.6591 1.9822 2.3614
2.6221 2.8658
3.1674
3.3829
109
1.6589 1.9820 2.3611
2.6217 2.8653
3.1667
3.3820
110
1.6588 1.9818 2.3607
2.6212 2.8647
3.1660
3.3812
111
1.6587 1.9816 2.3604
2.6208 2.8642
3.1653
3.3803
112
1.6586 1.9814 2.3601
2.6204 2.8637
3.1646
3.3795
113
1.6585 1.9812 2.3598
2.6200 2.8632
3.1640
3.3787
114
1.6583 1.9810 2.3595
2.6196 2.8627
3.1633
3.3779
115
1.6582 1.9808 2.3592
2.6192 2.8622
3.1626
3.3771
116
1.6581 1.9806 2.3589
2.6189 2.8617
3.1620
3.3764
117
1.6580 1.9805 2.3586
2.6185 2.8612
3.1614
3.3756
118
1.6579 1.9803 2.3583
2.6181 2.8608
3.1607
3.3749
119
1.6578 1.9801 2.3581
2.6178 2.8603
3.1601
3.3741
120
1.6577 1.9799 2.3578
2.6174 2.8599
3.1595
3.3735
121
1.6575 1.9798 2.3576
2.6171 2.8594
3.1589
3.3727
122
1.6574 1.9796 2.3573
2.6168 2.8590
3.1584
3.3721
123
1.6573 1.9794 2.3571
2.6164 2.8585
3.1578
3.3714
124
1.6572 1.9793 2.3568
2.6161 2.8582
3.1573
3.3707
125
1.6571 1.9791 2.3565
2.6158 2.8577
3.1567
3.3700
126
1.6570 1.9790 2.3563
2.6154 2.8573
3.1562
3.3694
P a g e | 59
127
1.6570 1.9788 2.3561
2.6151 2.8569
3.1556
3.3688
128
1.6568 1.9787 2.3559
2.6148 2.8565
3.1551
3.3682
129
1.6568 1.9785 2.3556
2.6145 2.8561
3.1546
3.3676
130
1.6567 1.9784 2.3554
2.6142 2.8557
3.1541
3.3669
131
1.6566 1.9782 2.3552
2.6139 2.8554
3.1536
3.3663
132
1.6565 1.9781 2.3549
2.6136 2.8550
3.1531
3.3658
133
1.6564 1.9779 2.3547
2.6133 2.8546
3.1526
3.3652
134
1.6563 1.9778 2.3545
2.6130 2.8542
3.1522
3.3646
135
1.6562 1.9777 2.3543
2.6127 2.8539
3.1517
3.3641
136
1.6561 1.9776 2.3541
2.6125 2.8536
3.1512
3.3635
137
1.6561 1.9774 2.3539
2.6122 2.8532
3.1508
3.3630
138
1.6560 1.9773 2.3537
2.6119 2.8529
3.1503
3.3624
139
1.6559 1.9772 2.3535
2.6117 2.8525
3.1499
3.3619
140
1.6558 1.9771 2.3533
2.6114 2.8522
3.1495
3.3614
141
1.6557 1.9769 2.3531
2.6112 2.8519
3.1491
3.3609
142
1.6557 1.9768 2.3529
2.6109 2.8516
3.1486
3.3604
143
1.6556 1.9767 2.3527
2.6106 2.8512
3.1482
3.3599
144
1.6555 1.9766 2.3525
2.6104 2.8510
3.1478
3.3594
145
1.6554 1.9765 2.3523
2.6102 2.8506
3.1474
3.3589
P a g e | 60
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
P a g e | 61
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
P a g e | 62
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
195
1.6527 1.9722 2.3456
2.6013 2.8393
3.1326
3.3411
196
1.6527 1.9721 2.3455
2.6012 2.8392
3.1323
3.3409
197
1.6526 1.9721 2.3454
2.6010 2.8390
3.1321
3.3406
198
1.6526 1.9720 2.3453
2.6009 2.8388
3.1319
3.3403
199
1.6525 1.9720 2.3452
2.6008 2.8387
3.1317
3.3401
200
1.6525 1.9719 2.3451
2.6007 2.8385
3.1315
3.3398
P a g e | 63
APPENDIX E:
http://www.usinflationcalculator.com/inflation/historical-inflation-rates/
Table of Historical Inflation Rates by Month and Year (1914-2013)

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Ave
1914 2.0
1915 1.0
1.0
1.0
0.0
2.1
1.0
1.0
3.0
2.0
1.0
1.0
1.0
1.0
1.0
0.0
2.0
2.0
2.0
1.0
-1.0 -1.0
1.0
1.0
2.0
1.0
1916 3.0 4.0 6.1 6.0 5.9 6.9 6.9 7.9 9.9 10.8 11.7 12.6 7.9
1917 12.5 15.4 14.3 18.9 19.6 20.4 18.5 19.3 19.8 19.5 17.4 18.1 17.4
1918 19.7 17.5 16.7 12.7 13.3 13.1 18.0 18.5 18.0 18.5 20.7 20.4 18.0
1919 17.9 14.9 17.1 17.6 16.6 15.0 15.2 14.9 13.4 13.1 13.5 14.5 14.6
1920 17.0 20.4 20.1 21.6 21.9 23.7 19.5 14.7 12.4 9.9 7.0 2.6 15.6
1921 -1.6 -5.6 -7.1 -10.8 -14.1 -15.8 -14.9 -12.8 -12.5 -12.1 -12.1 -10.8 -10.5
1922 -11.1 -8.2 -8.7 -7.7 -5.6 -5.1 -5.1 -6.2 -5.1 -4.6 -3.4 -2.3 -6.1
1923 -0.6 -0.6 0.6 1.2 1.2 1.8 2.4 3.0 3.6 3.6 3.0 2.4 1.8
1924 3.0
1925 0.0
2.4
1.8
0.6
0.6
0.0
-0.6 -0.6 -0.6 -0.6 -0.6
0.0
0.0
0.0
1.2
1.2
1.8
2.9
3.5
3.5
2.3
1926 3.5
4.1
2.9
4.1
2.9
1.1
-1.1 -1.7 -1.1 -0.6 -1.7 -1.1
1.1
4.1
3.5
2.9
4.7
1927 -2.2 -2.8 -2.8 -3.4 -2.2 -0.6 -1.1 -1.1 -1.1 -1.1 -2.3 -2.3 -1.7
1928 -1.1 -1.7 -1.2 -1.2 -1.1 -2.8 -1.2 -0.6
1929 -1.2 0.0 -0.6 -1.2 -1.2 0.0 1.2 1.2
0.0
-1.1 -0.6 -1.2 -1.7
0.0
0.6
0.6
0.6
0.0
1930 0.0 -0.6 -0.6 0.6 -0.6 -1.8 -4.0 -4.6 -4.0 -4.6 -5.2 -6.4 -2.3
1931 -7.0 -7.6 -7.7 -8.8 -9.5 -10.1 -9.0 -8.5 -9.6 -9.7 -10.4 -9.3 -9.0
1932 -10.1 -10.2 -10.3 -10.3 -10.5 -9.9 -9.9 -10.6 -10.7 -10.7 -10.2 -10.3 -9.9
1933 -9.8 -9.9 -10.0 -9.4 -8.0 -6.6 -3.7 -2.2 -1.5 -0.8 0.0 0.8 -5.1
1934 2.3
1935 3.0
4.7
5.6
5.6
5.6
5.5
2.3
1.5
3.0
2.3
2.3
1.5
3.1
3.0
3.0
3.8
3.8
2.2
2.2
2.2
0.7
1.5
2.2
3.0
2.2
1936 1.5
1937 2.2
0.7
0.0
-0.7 -0.7
0.7
1.5
2.2
2.2
2.2
1.4
1.4
1.5
2.2
3.6
4.4
4.3
4.3
3.6
4.3
4.3
3.6
2.9
3.6
5.1
1938 0.7 0.0 -0.7 -0.7 -2.1 -2.1 -2.8 -2.8 -3.4 -4.1 -3.4 -2.8 -2.1
1939 -1.4 -1.4 -1.4 -2.8 -2.1 -2.1 -2.1 -2.1 0.0 0.0 0.0 0.0 -1.4
1940 -0.7
0.7
0.7
1.4
1.4
2.2
1.4
1.4
-0.7
0.0
0.7
0.7
1941 1.4
0.7
1.4
2.1
2.9
4.3
5.0
6.4
7.9
9.3 10.0 9.9
5.0
1942 11.3 12.1 12.7 12.6 13.2 10.9 11.6 10.7 9.3
1943 7.6 7.0 7.5 8.1 7.4 7.4 6.1 4.8 5.5
0.0
9.2
9.1
9.0 10.9
4.2
3.6
3.0
6.1
P a g e | 64
1944 3.0
1945 2.3
3.0
1.2
0.6
0.0
0.6
1.7
2.3
1.7
1.7
1.7
2.3
1.7
2.3
2.3
1.7
2.3
2.8
2.3
2.3
2.3
2.3
2.3
2.2
2.3
1946 2.2 1.7 2.8 3.4 3.4 3.3 9.4 11.6 12.7 14.9 17.7 18.1 8.3
1947 18.1 18.8 19.7 19.0 18.4 17.6 12.1 11.4 12.7 10.6 8.5 8.8 14.4
1948 10.2 9.3
1949 1.3 1.3
6.8
8.7
9.1
9.5
9.9
8.9
6.5
6.1
4.8
3.0
8.1
1.7
0.4
-0.4 -0.8 -2.9 -2.9 -2.4 -2.9 -1.7 -2.1 -1.2
1950 -2.1 -1.3 -0.8 -1.3 -0.4 -0.4

1951 8.1 9.4 9.3 9.3 9.3 8.8
1.7
2.1
2.1
3.8
3.8
5.9
1.3
7.5
6.6
7.0
6.5
6.9
6.0
7.9
1952 4.3
2.3
1.9
2.3
1.9
2.3
3.1
3.1
2.3
1.9
1.1
0.8
1.9
1953 0.4
0.8
1.1
0.8
1.1
1.1
0.4
0.7
0.7
1.1
0.7
0.7
0.8
1954 1.1 1.5 1.1 0.8 0.7 0.4 0.4 0.0 -0.4 -0.7 -0.4 -0.7 0.7
1955 -0.7 -0.7 -0.7 -0.4 -0.7 -0.7 -0.4 -0.4 0.4 0.4 0.4 0.4 -0.4
1956 0.4
1957 3.0
0.4
0.4
0.7
1.1
1.9
2.2
1.9
1.9
2.2
2.2
3.0
1.5
3.4
3.7
3.7
3.7
3.3
3.3
3.7
3.3
2.9
3.3
2.9
3.3
1958 3.6
1959 1.4
3.2
3.6
3.6
3.2
2.8
2.5
2.1
2.1
2.1
2.1
1.8
2.8
1.0
0.3
0.3
0.3
0.7
0.7
1.0
1.4
1.7
1.4
1.7
0.7
1960 1.0
1961 1.7
1.7
1.7
1.7
1.7
1.7
1.4
1.4
1.0
1.4
1.4
1.4
1.7
1.4
1.4
1.0
1.0
0.7
1.4
1.0
1.4
0.7
0.7
0.7
1.0
1962 0.7
1963 1.3
1.0
1.0
1.3
1.3
1.3
1.0
1.3
1.3
1.3
1.3
1.3
1.0
1.0
1.3
1.0
1.0
1.3
1.3
1.3
1.0
1.3
1.3
1.6
1.3
1964 1.6
1965 1.0
1.6
1.3
1.3
1.3
1.3
1.3
1.0
1.3
1.0
1.3
1.0
1.3
1.0
1.3
1.6
1.6
1.9
1.6
1.9
1.6
1.9
1.6
1.9
1.6
1966 1.9
1967 3.5
2.6
2.6
2.9
2.9
2.5
2.8
3.5
3.5
3.8
3.8
3.5
2.9
2.8
2.8
2.5
2.8
2.8
2.8
2.4
2.8
2.4
2.7
3.0
3.1
1968 3.6
1969 4.4
4.0
3.9
3.9
3.9
4.2
4.5
4.5
4.5
4.7
4.7
4.7
4.2
4.7
5.2
5.5
5.5
5.5
5.4
5.7
5.7
5.7
5.9
6.2
5.5
1970 6.2
1971 5.3
6.1
5.8
6.1
6.0
6.0
6.0
5.4
5.7
5.6
5.6
5.6
5.7
5.0
4.7
4.2
4.4
4.6
4.4
4.6
4.1
3.8
3.3
3.3
4.4
1972 3.3
1973 3.6
3.5
3.5
3.5
3.2
2.7
2.9
2.9
3.2
3.4
3.7
3.4
3.2
3.9
4.6
5.1
5.5
6.0
5.7
7.4
7.4
7.8
8.3
8.7
6.2
1974 9.4 10.0 10.4 10.1 10.7 10.9 11.5 10.9 11.9 12.1 12.2 12.3 11.0
1975 11.8 11.2 10.3 10.2 9.5 9.4 9.7 8.6 7.9 7.4 7.4 6.9 9.1
1976 6.7
1977 5.2
6.3
6.1
6.0
6.2
6.0
5.4
5.7
5.5
5.5
4.9
4.9
5.8
5.9
6.4
7.0
6.7
6.9
6.8
6.6
6.6
6.4
6.7
6.7
6.5
1978 6.8
6.4
6.6
6.5
7.0
7.4
7.7
7.8
8.3
8.9
8.9
9.0
7.6
P a g e | 65
1979 9.3 9.9 10.1 10.5 10.9 10.9 11.3 11.8 12.2 12.1 12.6 13.3 11.3
1980 13.9 14.2 14.8 14.7 14.4 14.4 13.1 12.9 12.6 12.8 12.6 12.5 13.5
1981 11.8 11.4 10.5 10.0 9.8
1982 8.4 7.6 6.8 6.5 6.7
9.6 10.8 10.8 11.0 10.1 9.6
8.9 10.3
7.1
6.4
5.9
5.0
5.1
4.6
3.8
6.2
1983 3.7
1984 4.2
3.5
3.6
3.9
3.5
2.6
2.5
2.6
2.9
2.9
3.3
3.8
3.2
4.6
4.8
4.6
4.2
4.2
4.2
4.3
4.3
4.3
4.1
3.9
4.3
1985 3.5
1986 3.9
3.5
3.7
3.7
3.8
3.8
3.6
3.3
3.1
3.2
3.5
3.8
3.6
3.1
2.3
1.6
1.5
1.8
1.6
1.6
1.8
1.5
1.3
1.1
1.9
1987 1.5
2.1
3.0
3.8
3.9
3.7
3.9
4.3
4.4
4.5
4.5
4.4
3.6
1988 4.0
3.9
3.9
3.9
3.9
4.0
4.1
4.0
4.2
4.2
4.2
4.4
4.1
1989 4.7
1990 5.2
4.8
5.0
5.1
5.4
5.2
5.0
4.7
4.3
4.5
4.7
4.6
4.8
5.3
5.2
4.7
4.4
4.7
4.8
5.6
6.2
6.3
6.3
6.1
5.4
1991 5.7
1992 2.6
5.3
4.9
4.9
5.0
4.7
4.4
3.8
3.4
2.9
3.0
3.1
4.2
2.8
3.2
3.2
3.0
3.1
3.2
3.1
3.0
3.2
3.0
2.9
3.0
1993 3.3
1994 2.5
3.2
3.1
3.2
3.2
3.0
2.8
2.8
2.7
2.8
2.7
2.7
3.0
2.5
2.5
2.4
2.3
2.5
2.8
2.9
3.0
2.6
2.7
2.7
2.6
1995 2.8
1996 2.7
2.9
2.9
3.1
3.2
3.0
2.8
2.6
2.5
2.8
2.6
2.5
2.8
2.7
2.8
2.9
2.9
2.8
3.0
2.9
3.0
3.0
3.3
3.3
3.0
1997 3.0
1998 1.6
3.0
2.8
2.5
2.2
2.3
2.2
2.2
2.2
2.1
1.8
1.7
2.3
1.4
1.4
1.4
1.7
1.7
1.7
1.6
1.5
1.5
1.5
1.6
1.6
1999 1.7
2000 2.7
1.6
1.7
2.3
2.1
2.0
2.1
2.3
2.6
2.6
2.6
2.7
2.2
3.2
3.8
3.1
3.2
3.7
3.7
3.4
3.5
3.4
3.4
3.4
3.4
2001 3.7
2002 1.1
3.5
2.9
3.3
3.6
3.2
2.7
2.7
2.6
2.1
1.9
1.6
2.8
1.1
1.5
1.6
1.2
1.1
1.5
1.8
1.5
2.0
2.2
2.4
1.6
2003 2.6
2004 1.9
3.0
3.0
2.2
2.1
2.1
2.1
2.2
2.3
2.0
1.8
1.9
2.3
1.7
1.7
2.3
3.1
3.3
3.0
2.7
2.5
3.2
3.5
3.3
2.7
2005 3.0
2006 4.0
3.0
3.1
3.5
2.8
2.5
3.2
3.6
4.7
4.3
3.5
3.4
3.4
3.6
3.4
3.5
4.2
4.3
4.1
3.8
2.1
1.3
2.0
2.5
3.2
2007 2.1
2008 4.3
2.4
2.8
2.6
2.7
2.7
2.4
2.0
2.8
3.5
4.3
4.1
2.8
4.0
4.0
3.9
4.2
5.0
5.6
5.4
4.9
3.7
1.1
0.1
3.8
2009 0.0
2010 2.6
0.2
-0.4 -0.7 -1.3 -1.4 -2.1 -1.5 -1.3 -0.2
1.8
2.7
-0.4
2.1
2.3
2.2
2.0
1.1
1.2
1.1
1.1
1.2
1.1
1.5
1.6
2011 1.6
2012 2.9
2.1
2.7
3.2
3.6
3.6
3.6
3.8
3.9
3.5
3.4
3.0
3.2
2.9
2.7
2.3
1.7
1.7
1.4
1.7
2.0
2.2
1.8
1.7
2.1
2013 1.6
2.0
1.5
1.1
1.4
P a g e | 66

QDM - Us Top Comic Analysis

Hochgeladen von

Dokumentinformationen

Originaltitel

Copyright

Verfügbare Formate

Dieses Dokument teilen

Dokument teilen oder einbetten

Freigabeoptionen

Stufen Sie dieses Dokument als nützlich ein?

Sind diese Inhalte unangemessen?

Copyright:

Verfügbare Formate

QDM - Us Top Comic Analysis

Hochgeladen von

Copyright:

Verfügbare Formate

MASTER OF BUSINESS ADMINISTRATION

QUANTITATIVE DECISION MAKING:

Munira binti Md. Tahir

8- APPENDIX A: VARIABLES DATA 1......

9- APPENDIX B: VARIABLES DATA 2..

10- APPENDIX C: IMAGES OF NO.1 COMICS

11- APPENDIX D: T-TABLE...

12- APPENDIX E: INFLATION RATE

To evaluate the significance of data given in the analysis.

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

The Yellow Kid in McFaddens Flats

Comic Funnies Weekly

Today the highest

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

Despite of accusing comics, TV and movies were

Flash was one of the superheroes that

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

MULTIPLE REGRESSION ANALYSIS

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

COEFFICIENT OF MULTIPLE DETERMINATION, R

Std. Error of the Estimate

CONCLUSION AND RECOMMENDATIONS

The most profitable publishers (1997-2012)

PERIOD: 1997 - 2012

YEAR: 16, MONTH: 192

SAMPLES: Top sales No. 1

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

Tomb Raider: Saga of the Medusa Mask

Justice League of America

The Heroic Age: Avengers

X-Men: Hellfire Hong Kong

Uncanny X-Men (Vol. 1)

Uncanny X-Men (Vol. 1)

Uncanny X-Men (Vol. 1)

Uncanny X-Men (Vol. 1)

Uncanny X-Men (Vol. 1)

Uncanny X-Men (Vol. 1)

Fantastic Four (Vol. 3)

Uncanny X-Men (Vol. 1)

Uncanny X-Men (Vol. 1)

X-Men: Behold The Ascension of Pilgrimm!

Uncanny X-Men (Vol. 1)

Uncanny X-Men (Vol. 1)

Uncanny X-Men (Vol. 1)

Uncanny X-Men (Vol. 1)

Uncanny X-Men (Vol. 1)

Uncanny X-Men (Vol. 1)

Witchblade Tomb Raider

Uncanny X-Men (Vol. 1)

Uncanny X-Men (Vol. 1)

Uncanny X-Men (Vol. 1)

Uncanny X-Men (Vol. 1)

Uncanny X-Men (Vol. 1)

Uncanny X-Men (Vol. 1)

Uncanny X-Men (Vol. 1)

Uncanny X-Men (Vol. 1)

Uncanny X-Men (Vol. 1)

Uncanny X-Men (Vol. 1)

Tomb Raider: Saga of the Medusa Mask

X-Men: Apocalypse The Twelve

Uncanny X-Men (Vol. 1)

Uncanny X-Men (Vol. 1)

Uncanny X-Men (Vol. 1)