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tions we have reported.

Some communities will have higher incomes,

others will require extensive undergrounding, still others will require high-cost local origination facilities, etc.

characteristics.

To measure the sensitivity of our findings for typical systems to such variations, we have rerun all of the intermediate-sized systems (tables 5 and 7) assuming that penetration is one-third greater than would be expected on average, for each set of market A variety of unmeasured factors can cause actual penetration to vary above or below the average value predicted by the penetration equation. In increasing the average value by onethird we have in effect selected only the 10% of the cases in which penetration is most favorable; in other words, nine out of 10 communities having the same signal lineups, income, etc. will have lower penetration.

Turning to the results in Tables 9 and 10 we find that such unusually high penetration is sufficient to produce at least on profitable system in each type of market, at least if copyright fees are absent. Thus, 7,500-10,000 subscriber systems have some chance of earning a going rate of return in the top 100 markets only when local circumstances produce unusually favorable penetration. We turn finally to the financial prospects for cable when copyright fees are required. The predominant effect of Schedule 3, the statutory fees proposed in S. 644, is to reduce the financial rate of return on total capital a full percentage point for profitable

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