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Cigarette Profit Margins (Regulated vs. Actual)
| Allocation Price per pack (RMB/pack) | Regulated Allocation Wholesale Margin (a) | Actual Allocation Wholesale Margin (a') |
|---|---|---|
| [14.6, +∞) | 34% | 51.52% |
| [10, 14.6) | 29% | 40.85% |
| [5, 10) | 25% | 33.33% |
| [3, 5) | 25% | 33.33% |
| [1.65, 3) | 20% | 25.00% |
| (0, 1.65) | 15% | 17.65% |
Source: Table 1 and estimated from equation (1)
