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Author Question: To define a price index number, decisions about three components are necessary. Name two of those ... (Read 62 times)

darbym82

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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.


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jgranad15

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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

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Reply 2 on: Jul 24, 2018
YES! Correct, THANKS for helping me on my review

blakcmamba

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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