DEMAND ESTIMATION, ELASTICITY, AND FORECASTING OF LG AIR CONDITIONERS (A case study of MASHALLAH Electronics)

FURRUKH BASHIR Part time teacher, Institute of Management Sciences, Bahauddin Zakariya University, Multan. Email: furrukh_bashir@yahoo.com BILAL INAM Masters in Business Administrations, I.M.S, Bahauddin Zakariya University, Multan. HAFIZ MUHAMMAD ALI BASIT Masters in Business Administrations, I.M.S, Bahauddin Zakariya University, Multan. MUHAMMAD WAQAS IQBAL Masters in Business Administrations, I.M.S, Bahauddin Zakariya University, Multan. SHOAIB JAVEED Masters in Business Administrations, I.M.S, Bahauddin Zakariya University, Multan. ASIM MEHMOOD Masters in Business Administrations, I.M.S, Bahauddin Zakariya University, Multan.

COMPLETED DATE: 30th MAY, 2011 STUDENTS PAPER SERIES - MBA

Year 2011 Managerial Economics Institute of Management Sciences Bahauddin Zakariya University, Multan

Electronic copy available at: http://ssrn.com/abstract=1855594

Demand Estimation, Elasticity, and Forecasting Of LG Air Conditioners (A case study of MASHALLAH Electronics)
Furrukh Bashir, Bilal Inam, Hafiz Muhammad Ali Basit, Muhammad Waqas Iqbal, Shoaib Javeed, Asim Mehmood

Abstract
Electronic market in Pakistan now a days deal with an uncertain and varying business environment due to incessant change in technology and economic conditions. The objective of study is to calculate Elasticities, demand estimation, and forecasted demand of L.G air conditioner. Time series data for the period of 2002 to 2003 on quarterly basis is taken from MASHALLAH electronics. Price of L.G, price of Mitsubishi, price of electricity, advertisement expenditures, and total sale of firm use as explanatory variables. For Estimation of demand, linear demand model is specified by using independent variables and then multiple regression technique is applied on model and results show that price of L.G and price of Mitsubishi is negative related with demand and price of electricity, advertisement expenditures and total sale are positive related with demand. Double log demand model is specified for calculation of Elasticities and regression analysis reveals that price elasticity of demand is -2.82, cross price elasticity of demand w.r.t price of Mitsubishi is -0.02, cross price elasticity of demand w.r.t price of Electricity is 1.08, and advertisement elasticity of demand is 0.07, and total sale elasticity of demand is 0.23. Forecasted values of independent variables for 1st quartet of 2011 is calculated at two different weights 0.5 and 0.7 by using exponential smoothing method and selected those values whose root mean square error is low putting the value in estimated demand equation and find out that forecasted demand of LG should be of 64 units in the 1st quarter of 2011.

Keywords: Demand Estimation and forecasting, 2002 1st quarter 2010 4th quarter, MASHALLAH electronics, Econometric forecasting, Prices of LG, Prices of electricity.

Electronic copy available at: http://ssrn.com/abstract=1855594

I. Introduction
In the present century, Globalization has completely overhauled the way businesses are performed. At present, electronic industry have to deal with an increasingly uncertain and varying business environment due to the fast changing economic scenario.. One of the most important aspects for a owners of the firm in the present day is to know the process of estimation of demand and forecasting of demand and elasticity of the air conditioners , Demand estimation attempts to quantify the links between the level of demand for a product and the variables which determines it whereas demand forecasting simply attempts to predict the level of sales at some particular future date Demand estimation of any firm's product is performed by forecasting the firm's sales. Elasticity is a tool for measuring the responsiveness of a function to changes in parameters in a unit less way. In Pakistan from the last decades the demand for the air conditioners increased due to the injection of money in the economy, technology improvements, and the main factor global warming and many others. The objective of our study is to determine the demand estimation, demand forecasting and estimation of Elasticities with respect to price of LG, prices of substitutes commodity, complementary commodity, advertisement and total sales of firm. Apart from introduction, the rest of the paper is arranged as follows: section II portrays review of the literature; section III discusses data and methodological issues. Results are interpreted in section IV. Finally, conclusions and policy implications are given in section V.

II. Literature review

A number of studies have been conducted on the demand estimation, calculation of Elasticities and demand forecasting. But in our study, we have included some of them reviewed below; Arbues et al. (2003) have estimated demand for residential water by using panel data (CS-TS). Authors use different econometric techniques such as OLS (regression analysis), instrumental variables, and free allowances. They used variables price , income, weather variables, housing characteristics, resident population per account/household composition, frequency of billing and rate design, indoor versus outdoor. The study concludes that Price, Income or household composition demand is inelastic.

Novak et al. (2001) have estimated demand for Agricultural Processing Co-products by using livestock classes according to size or age, production or production stage. They use linear programming and least cost ration technique. The study uses different species of livestock such as Beef Cattle, Dairy Cattle, Sheep, and Swine. The authors conclude that livestock is important for co-products market they always makes a difference and changes nature of co-product demand our range of prices and between species. Martin et al. (2007) have estimated demand and supply for elective surgery by using Panel of quarterly data of 200 Hospital over the period (1995-2002). They use ordinary least squares technique. Authors use variables Price, indirect cost to patient and quality measures. Study conclude that inpatient demand equation implies that waiting time (with no lag) has the anticipated negative effect and outpatient demand equation although a significant negative effect.

III. Data and methodology

We have collected quarterly time series data from 1st quarter of 2002 to 4th quarter of 2010 from MASHALLAH ELECTRONICS Hussain Agahi Multan. We have run multiple regressions using Ordinary least Square method. MASHALLAH electronics is situated in Hussain-Agahi Multan, which is working since 1990-continue under the ownership of Javed Iqbal. They are dealing in almost all kind of home appliances like Air-conditioners, Fridge, micro-waves, LCDs, music system, washing machines, water cooler, room coolers, cooking range, juicer blenders, toasters, and Irons. Estimation of Demand function To examine the determinants of Demand of LG air conditioners, we have formulated the following linear demand model; QLG= f (PLG, PMIT, PELC, ADV, TS) Where, QLG is quantity demanded of LG air conditioner in units, PLG is price of LG in Pak rupees, PMIT is price of Mitsubishi air conditioner, PELC is price of electricity (domestic price @ 100th unit), ADV is Advertisement of firm in Pak. Rs. and TS is total sale of firm in Pak rupees.

Estimation of Elasticities To analyze the price elasticity and cross price elasticity of LG air-conditioner, we have devised the log-log demand equation. lnQLG= f (lnPLG, lnPMIT, lnPELC, lnADV, lnTS) In this equation, lnQLG shows the natural log of quantity demanded of LG, lnPLG is the natural log of price of LG, lnPMIT is the price of Mitsubishi, lnPELC is the price of household electricity. LnADV is the log of advertisement, lnTS shows the total sale of firm.` Demand Forecasting We will follow the Single equation method of econometric forecasting and exponential forecasting1. By using these methods, we can forecast demand of next quarter for LG by assigning different weights to each actual and forecasted values (0.5 and 0.7) by using following formula: Ft+1 = w At + (1-w) Ft RMSE =

(A

- Ft )

After forecasting the value of next quarter we will take the root mean square error (RMSE), and we will analyze forecasting value by assigning weight 0.5 and 0.7 both and select the forecasting value having lower RMSE.

IV. Results and Discussion

In this section, we have demonstrated the results and discussed them in following sub sections. Demand Estimation In table 1 which is related to demand estimation of LG Air conditioners, first column shows different independent variables. The second column of this table indicates coefficient, third column explains the standard error, forth column illustrates the t-statistic and in last column probability values. Last row gives us an idea about Coefficient of determination and Fstatistic.

Chapter 5, Managerial Economics, Dominick Salvatore, 4th Edition.

The demand is negatively related to the price of LG. It means that if price of LG increases by one thousand rupees the demand of LG decreases by 1.155 units. Reason is that low price air conditioners are available in market so customer moves towards it. Two tail tests show significant relationship between demand and price of LG. There is negative relationship between prices of Mitsubishi and demand of LG if the price of Mitsubishi increases by 1 rupee the demand of LG decreases by 0.0000873 units. TStatistics shows insignificance relationship. The relation between price of electricity and demand of LG is positive if the price of electricity increases by 10 rupee than demand of LG increases by 8.1 units. Demand of air conditioners increase because life pattern of people has been changed there is insignificance relationship between them. There is also a positive relationship between advertisement and quantity demanded of LG air-conditioner. If advertisement expenditures increase by ten thousand rupees the demand of LG increase by 3.42 units. T-statistic shows the significant relationship.

Advertisement is promotional activity due to this reason demand of product increase last few years. Table 1: Demand Estimation Variable Constant Price of LG Price of Mitsubishi Price of Electricity Advertisement Total Sales
R-squared

Coefficient Std. Error 36.68814 -0.001155 -0.0000873 0.810076 0.000342 0.00000207

0.74

t-Statistic 2.379383 -2.447671 -0.873984 0.196390 3.641858 5.069146 Prob (F-Stats)

Prob. 0.0241 0.0207 0.3893 0.8457 0.0010 0.0000 0.0000

15.41918 0.000472 9.99E-05 4.124832 9.39E-05 4.09E-07

Total sales of firm also have a significant relationship. If the total sales increase by one million rupees the demand of LG increase by 2.07 units means that in daily sale of products may includes L.G. air conditioner. R2 shows that the variation in the price of LG, price of Mitsubishi, price of electricity, advertisement expenditure and total sale of the firm cause the variation of LG demand by 0.74 percent. F-statistic shows that our demand model is overall reliable.

Evaluation of Elasticities Elasticities of demand of LG with respect to price of LG, advertisement, price of Mitsubishi, Total sale of firm, and Price of electricity are shown in table 2. The price elasticity of demand is -2.82 having negatively relation to the demand of LG. It means that if price of LG increase one percent, the demand of LG decreases by 2.825078 percent. Cross price elasticity of demand w.r.t price of Mitsubishi is -0.027 showing negative relationship between prices of Mitsubishi and demand of LG demonstrating that if the price of Mitsubishi increases by 1 percent the demand of LG will decrease by 0.027341 percent. Table 2: Elasticity of Demand (Log Log Model) Variable Constant Price of LG Price of Mitsubishi Price of electricity Advertisement Total sale R- Squared Coefficient 27.60837 -2.825078 -0.027341 1.083580 0.073447 0.232818 0.59 Std. Error 9.488667 0.967531 0.022716 0.598897 0.019433 0.092360 t-Statistic 2.909615 -2.919885 -1.203596 1.809292 3.779398 2.520773 Prob(F Stat) Prob. 0.0069 0.0067 0.2385 0.0808 0.0007 0.0175 0.00

Cross price elasticity of demand w.r.t price of electricity is 1.08 and is positive related to demand. If the price of electricity increases by 1 percent than demand of LG will increase by 1.083580 percent. Advertisement elasticity of demand reveals positive relationship between advertisement and quantity demanded of LG air-conditioner having value 0.073. If advertisement expenditure increases by one percent, the demand of LG increases by 0.073447 percent. Total Sales Elasticity of demand is also has a significant relationship having value 0.232. It reveals that if the total sale increases by one percent the demand of LG will increase by 0.232818 percent. R2 shows variation in the price of LG, price of Mitsubishi, price of electricity, advertisement expenditure and total sale of the firm lead to variation of 0.59 percent in the demand of LG and F-statistic shows the reliability of the model as a whole.

Demand forecasting The first column of table 3 shows years (quarterly), second column illustrate actual price of LG air-conditioner, third column demonstrates demand forecasted with weight of 0.5 and column four explains the demand forecasted with weight of 0.7. After analyzing we have selected weight 0.7 because its RSME is lower than the weight 0.5 and forecasted value of price of LG is 39296.75 Pak Rs. Table 3: Forecasting of Price of LG Years (quarterly ) 2002 (1) 2002 (2) 2002 (3) 2002 (4) 2003 (1) 2003 (2) 2003 (3) 2003 (4) 2004 (1) 2004 (2) 2004 (3) 2004 (4) 2005 (1) 2005 (2) 2005 (3) 2005 (4) 2006 (1) 2006 (2) 2006 (3) 2006 (4) 2007 (1) 2007 (2) 2007 (3) 2007 (4) 2008 (1) 2008 (2) 2008 (3) 2008 (4) 2009 (1) 2009 (2) 2009 (3) 2009 (4) 2010 (1) Actual price of LG 37000 37000 36000 36000 39000 37000 37000 40000 37000 30000 30000 29500 29000 29900 32000 34000 34000 32000 32500 31000 31000 35000 35000 33000 32000 35000 34000 33500 34000 32000 33000 36000 37500 Forecasted W= 0.5 34355.5 35677.75 36338.87 36169.43 36084.71 37542.35 37271.17 37135.58 38567.79 37783.89 33891.94 31945.97 30722.98 29861.49 29880.74 30940.37 32470.18 33235.09 32617.54 32558.77 31779.38 31389.69 33194.84 34097.42 33548.71 32774.35 33887.17 33943.58 33721.79 33860.89 32930.44 32965.22 34482.61 Forecasted W= 0.7 34355.5 36206.65 36762.00 36228.60 36068.58 38120.57 37336.17 37100.85 39130.26 37639.08 32291.72 30687.52 29856.26 29256.88 29707.06 31312.12 33193.64 33758.09 32527.43 32508.23 31452.47 31135.74 33840.72 34652.22 33495.66 32448.70 34234.61 34070.38 33671.11 33901.33 32570.4 32871.12 35061.34

2010 (2) 2010 (3) 2010 (4) 2011 (1) RMSE

38000 38000 39900

35991.30 36995.65 37497.82 38698.91 2307.03

36768.4 37630.52 37889.16 39296.75 2169.89

After analyzing we have selected weight 0.5 because its RSME is lower than the weight 0.7 and forecasted value of price of Mitsubishi is 55090.53691 Pak Rs. Table 4: Forecasted Price of Mitsubishi Years (quarterly ) 2002 (1) 2002 (2) 2002 (3) 2002 (4) 2003 (1) 2003 (2) 2003 (3) 2003 (4) 2004 (1) 2004 (2) 2004 (3) 2004 (4) 2005 (1) 2005 (2) 2005 (3) 2005 (4) 2006 (1) 2006 (2) 2006 (3) 2006 (4) 2007 (1) 2007 (2) 2007(3) 2007 (4) 2008 (1) 2008 (2) 2008 (3) 2008 (4) 2009 (1) 2009 (2) 2009 (3) 2009 (4) 2010 (1) 2010 (2) 2010 (3) Actual Price of Mitsubishi 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 44000 43000 43000 40000 40000 42500 42000 41000 40500 41500 41500 41000 42000 45000 46500 47000 49500 51000 55000 FORECASTING W = 0.5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 24833.33 34416.66 38708.33 40854.16 40427.08 40213.54 41356.77 41678.38 41339.19 40919.59 41209.79 41354.89 41177.44 41588.72 43294.36 44897.18 45948.59 47724.29 49362.14 FORECASTING W= 0.7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 24833.33 38249.99 41574.99 42572.49 40771.74 40231.52 41819.45 41945.83 41283.75 40735.12 41270.53 41431.16 41129.34 41738.80 44021.64 45756.49 46626.94 48638.08 50291.42

2010 (4) 2011 (1) RMSE

58000

52181.07 55090.53 178.7125

53587.42 56676.22 3656.17

After analyzing we have selected weight 0.7 because its RSME is lower than the weight 0.5 and forecasted value of price of electricity is 3.906298348 Pak rupees. Table 5: Forecasted Price of electricity Years (quarterly ) 2002 (1) 2002 (2) 2002 (3) 2002 (4) 2003 (1) 2003 (2) 2003 (3) 2003 (4) 2004 (1) 2004 (2) 2004 (3) 2004 (4) 2005 (1) 2005 (2) 2005 (3) 2005 (4) 2006 (1) 2006 (2) 2006 (3) 2006 (4) 2007 (1) 2007 (2) 2007 (3) 2007 (4) 2008 (1) 2008 (2) 2008 (3) 2008 (4) 2009 (1) 2009 (2) 2009 (3) 2009 (4) 2010 (1) 2010 (2) 2010 (3) 2010 (4) 2011 (1) RMSE Actual Prices of Electricity 3.265 2.265 2.265 2.3 2.3 2.4 2.4 2.4 2.425 2.425 2.46 2.46 2.465 2.465 2.465 2.465 2.474 2.474 2.474 2.474 2.65 2.65 2.65 2.65 2.65 3.08 3.08 3.08 3.08 3.08 3.49 3.49 3.91 3.91 3.91 3.91 Forecasted W= 0.5 2.78 3.02 2.64 2.45 2.37 2.33 2.36 2.38 2.39 2.40 2.41 2.43 2.44 2.45 2.46 2.46 2.46 2.46 2.47 2.47 2.47 2.56 2.60 2.62 2.63 2.64 2.86 2.97 3.02 3.05 3.06 3.27 3.38 3.64 3.77 3.84 3.87 0.22 Forecasted W= 0.7 2.78 3.12 2.52 2.34 2.31 2.30 2.37 2.39 2.39 2.41 2.42 2.44 2.45 2.46 2.46 2.46 2.46 2.47 2.47 2.47 2.47 2.59 2.63 2.64 2.64 2.64 2.95 3.04 3.06 3.07 3.07 3.36 3.45 3.77 3.86 3.89 3.90 0.2169

After analyzing we have selected weight 0.5 because its RSME is lower than the weight 0.7 and forecasted advertisements expenditure 25138.01 Pak Rs. Table 6: Forecasted Price of advertisement expenditure

Years (quarterly ) 2002 (1) 2002 (2) 2002 (3) 2002 (4) 2003 (1) 2003 (2) 2003 (3) 2003 (4) 2004 (1) 2004 (2) 2004 (3) 2004 (4) 2005 (1) 2005 (2) 2005 (3) 2005 (4) 2006 (1) 2006 (2) 2006 (3) 2006 (4) 2007 (1) 2007 (2) 2007 (3) 2007 (4) 2008 (1) 2008 (2) 2008 (3) 2008 (4) 2009 (1) 2009 (2) 2009 (3) 2009 (4) 2010 (1) 2010 (2) 2010 (3) 2010 (4) 2011 (1) RMSE

Actual advertisement Exp 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 30000 50000 50000 30000 0 40000 40000 0 0 30000 50000 0 0 25000 32000 0 0 45000 45000 15000

Forecasted W= 0.5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 13388.88 21694.44 35847.22 42923.61 36461.81 18230.90 29115.45 34557.73 17278.86 8639.43 19319.72 34659.86 17329.93 8664.96 16832.48 24416.24 12208.12 6104.06 25552.03 35276.02 25138.01 17718.93

Forecasted W= 0.7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 13388.88 25016.66 42505.00 47751.50 35325.45 10597.63 31179.29 37353.79 11206.14 3361.84 22008.55 41602.57 12480.77 3744.21 18623.27 27986.98 8396.09 2518.82 32255.65 41176.69 22853.01 18633.09

After exploring we have selected weight 0.5 because its RSME is lower than the weight 0.7 and forecasted total sale is 15177225 Pak Rs. Table 7: Forecasted Sale Years (quarterly ) 2002 (1) 2002 (2) 2002 (3) 2002 (4) 2003 (1) 2003 (2) 2003 (3) 2003 (4) 2004 (1) 2004 (2) 2004 (3) 2004 (4) 2005 (1) 2005 (2) 2005 (3) 2005 (4) 2006 (1) 2006 (2) 2006 (3) 2006 (4) 2007 (1) 2007 (2) 2007 (3) 2007 (4) 2008 (1) 2008 (2) 2008 (3) 2008 (4) 2009 (1) 2009 (2) 2009 (3) 2009 (4) 2010 (1) 2010 (2) 2010 (3) 2010 (4) 2011 (1) RMSE Actual total Sale 7500000 12500000 11000000 6500000 7000000 15000000 13000000 9000000 7000000 12000000 11500000 6000000 8500000 11300000 5000000 2000000 6500000 10300000 8900000 5700000 7315000 15200000 13500000 10000000 9500000 16500000 15700000 12500000 11000000 18500000 16200000 13000000 12000000 18500000 17460000 13700000 Forecasted W= 0.5 11021528 9260763 10880382 10940191 8720095 7860047 11430024 12215012 10607506 8803753 10401876 10950938 8475469 8487734 9893867 7446933 4723466 5611733 7955866 8427933 7063966 7189483 11194742 12347371 11173685 10336843 13418421 14559211 13529605 12264803 15382401 15791201 14395600 13197800 15848900 16654450 15177225 9434.24 Forecasted W= 0.7 11021528 8556458 11316937 11095081 7878524 7263557 12679067 12903720 10171116 7951334 10785400 11285620 7585686 8225705 10377711 6613313 3383994 5565198 8879559 8893867 6658160 7117948 12775384 13282615 10984784 9945435 14533630 15350089 13355026 11706508 16461952 16278585 13983575 12595072 16728521 17240556 14762167 19306.05

We have estimated demand equation as shown above where Bs are determinants. Qdf = Bo - B1 PLG - B2 PMI + B3 PELC + B4 ADV + B5 TS We have found the forecasted values of PLG = 39296.75, PMI = 55090.53, PELC = 3.90, ADV = 25138.01 and TS = 15172225 and by putting these value of explanatory variables in estimated demand equation, we have calculated and concluded that the forecasted demand for next quarter is 64 units on the average.

V. Conclusion and Policy Recommendation

We have concluded that demand of LG air-conditioner depends upon endogenous and exogenous variables. This study proves that the demand for LG air-conditioner is negatively related to price of LG air-conditioner. There is negative relationship between prices of Mitsubishi and demand of LG. The relation between price of electricity and demand of LG is positive. There also a positive relationship between advertisement and quantity demanded of LG air-conditioner. There is also positive relationship between total sale and demand of LG. The price elasticity of demand is -2.82 and cross price elasticity of demand w.r.t price of Mitsubishi is -0.02, cross price elasticity of demand w.r.t price of electricity is 1.08. Advertisement elasticity of demand is 0.07 and total sales elasticity of demand is 0.23. We have found that forecasted demand for 2011 1st quarter will be 64 units.

References
Arbues, F. maria, and Roberto, (2003). Estimation of residential water demand. Journal of socio economic, Vol. 32, pp. 81-102 Nobak, P., wachenheim, Debuyst, and lambert, (2001). Demand estimation of agriculture processing co-product. Journal of socio economics, Vol. 122, pp. 93-108 Martin,s. Rice,N.Jacobs, and R.Smith,P, (2007). The market for elective surgery. Journal of Health Economics, Vol. 26, pp. 263285 Salvatore, D. Managerial Economics, 4th Edition.

Appendix Table A: Original Data

Years (quarterly ) 2002(1) 2002(2) 2002(3) 2002(4) 2003(1) 2003(2) 2003(3) 2003(4) 2004(1) 2004(2) 2004(3) 2004(4) 2005(1) 2005(2) 2005(3) 2005(4) 2006(1) 2006(2) 2006(3) 2006(4) 2007(1) 2007(2) 2007(3) 2007(4) 2008(1) 2008(2) 2008(3) 2008(4) 2009(1) 2009(2) 2009(3) 2009(4) 2010(1) 2010(2) 2010(3) 2010(4) Price of Price of Price of Advertisement Quantity Total LG Mitsubishi Electricity Expenditure of LG in Sales Pak Rs Pak Rs Pak Rs Pak Rs units Pak Rs 37000 0 3.26 0 12 7500000 37000 0 2.26 0 25 12500000 36000 0 2.26 0 20 11000000 36000 0 2.30 0 3 6500000 39000 0 2.30 0 8 7000000 37000 0 2.40 0 30 15000000 37000 0 2.40 0 15 13000000 40000 0 2.40 0 10 9000000 37000 0 2.42 0 10 7000000 30000 0 2.42 0 27 12000000 30000 0 2.46 0 20 11500000 29500 0 2.46 0 15 6000000 29000 0 2.46 0 13 8500000 29900 0 2.46 0 31 11300000 32000 0 2.46 0 28 5000000 34000 0 2.46 0 14 2000000 34000 44000 2.47 30000 19 6500000 32000 43000 2.47 50000 35 10300000 32500 43000 2.47 50000 25 8900000 31000 40000 2.47 30000 20 5700000 31000 40000 2.65 0 21 7315000 35000 42500 2.65 40000 41 15200000 35000 42000 2.65 40000 35 13500000 33000 41000 2.65 0 12 10000000 32000 40500 2.65 0 25 9500000 35000 41500 3.08 30000 60 16500000 34000 41500 3.08 50000 45 15700000 33500 41000 3.08 0 13 12500000 34000 42000 3.08 0 18 11000000 32000 45000 3.08 25000 55 18500000 33000 46500 3.49 32000 39 16200000 36000 47000 3.49 0 15 13000000 37500 49500 3.91 0 18 12000000 38000 51000 3.91 45000 50 18500000 38000 55000 3.91 45000 34 17460000 39900 58000 3.91 15000 8 13700000