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 28 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
Thanks for the timely response, appreciate it

peter

  • Member
  • Posts: 330
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

Walt Disney helped combat malaria by making an animated film in 1943 called The Winged Scourge. This short film starred the seven dwarfs and taught children that mosquitos transmit malaria, which is a very bad disease. It advocated the killing of mosquitos to stop the disease.

Did you know?

About 3.2 billion people, nearly half the world population, are at risk for malaria. In 2015, there are about 214 million malaria cases and an estimated 438,000 malaria deaths.

Did you know?

GI conditions that will keep you out of the U.S. armed services include ulcers, varices, fistulas, esophagitis, gastritis, congenital abnormalities, inflammatory bowel disease, enteritis, colitis, proctitis, duodenal diverticula, malabsorption syndromes, hepatitis, cirrhosis, cysts, abscesses, pancreatitis, polyps, certain hemorrhoids, splenomegaly, hernias, recent abdominal surgery, GI bypass or stomach stapling, and artificial GI openings.

Did you know?

The oldest recorded age was 122. Madame Jeanne Calment was born in France in 1875 and died in 1997. She was a vegetarian and loved olive oil, port wine, and chocolate.

Did you know?

Though newer “smart” infusion pumps are increasingly becoming more sophisticated, they cannot prevent all programming and administration errors. Health care professionals that use smart infusion pumps must still practice the rights of medication administration and have other professionals double-check all high-risk infusions.

Components of a MiniCiggy e-cigarette Components of a MiniCiggy e-cigarette
The principal components of a spectrophotometer The principal components of a spectrophotometer
(a) The low-resolution signal has the same number of pulses as the engine has cylinders. (b) A ... (a) The low-resolution signal has the same number of pulses as the engine has cylinders. (b) A ...
The Location and Number of Food- and Beverage-Processing Facilities The Location and Number of Food- and Beverage-Processing Facilities
Calculate the number of grams of solute in 500.0 mL of 0.169 M KOH. Calculate the number of grams of solute in 500.0 mL of 0.169 M KOH.
Cellular Components of Mammalian Blood Cellular Components of Mammalian Blood
Video: Helper T cell receptors, activation, proliferation, differentiation & action

For a complete list of videos, visit our video library