This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: To define a price index number, decisions about three components are necessary. Name two of those ... (Read 43 times)

darbym82

  • Hero Member
  • *****
  • Posts: 570
on: Jul 24, 2018
To define a price index number, decisions about three components are necessary. Name two of those components.

Question 2

Suppose a gallon of gasoline cost 39 cents in 1970, and in 2004 it cost 1.65 . What is the gasoline price index in 2004, using 1970 as the base year? Interpret your answer.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

jgranad15

  • Sr. Member
  • ****
  • Posts: 345
Reply #1 on: Jul 24, 2018
Answer to Question 1

ANY TWO OF THE FOLLOWING ARE OK: 1) THE BASE YEAR OR TIME PERIOD; 2) THE LIST OF GOODS AND SERVICES TO BE INCLUDED; 3) HOW TO WEIGHT THE PARTICULAR GOODS AND SERVICES.

Answer to Question 2

423; GASOLINE IN 2004 COST 423 OF WHAT IT COST IN 1970.


darbym82

  • Member
  • Posts: 570
Reply 2 on: Jul 24, 2018
:D TYSM

alvinum

  • Member
  • Posts: 317
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

Multiple sclerosis is a condition wherein the body's nervous system is weakened by an autoimmune reaction that attacks the myelin sheaths of neurons.

Did you know?

There are actually 60 minerals, 16 vitamins, 12 essential amino acids, and three essential fatty acids that your body needs every day.

Did you know?

The cure for trichomoniasis is easy as long as the patient does not drink alcoholic beverages for 24 hours. Just a single dose of medication is needed to rid the body of the disease. However, without proper precautions, an individual may contract the disease repeatedly. In fact, most people develop trichomoniasis again within three months of their last treatment.

Did you know?

The average older adult in the United States takes five prescription drugs per day. Half of these drugs contain a sedative. Alcohol should therefore be avoided by most senior citizens because of the dangerous interactions between alcohol and sedatives.

Did you know?

Amphetamine poisoning can cause intravascular coagulation, circulatory collapse, rhabdomyolysis, ischemic colitis, acute psychosis, hyperthermia, respiratory distress syndrome, and pericarditis.

Components of blood. Components of blood.
Hardware, Software, and Storage Components Hardware, Software, and Storage Components
Apply L stroke on terminus. Place your index and middle fingers on the left and right terminus; ... Apply L stroke on terminus. Place your index and middle fingers on the left and right terminus; ...
Estimated number of new HIV infections per year over time period in Canada Estimated number of new HIV infections per year over time period in Canada
A comparison of the components in prokaryotic and eukaryotic ribosomes A comparison of the components in prokaryotic and eukaryotic ribosomes
"The Department of Agriculture came out today with its prediction for food price "The Department of Agriculture came out today with its prediction for food price
Video: Digestive System Animation

For a complete list of videos, visit our video library