Question

Many factors influence the retail price of gasoline. Suppose the following table shows the average retail...

Many factors influence the retail price of gasoline. Suppose the following table shows the average retail price for a gallon of regular grade gasoline for each year from 2011 through 2014. (Round your answers to one decimal place.)

Year Average Price ($)
2011 3.526
2012 3.608
2013 3.515
2014 3.368

(a)Use 2011 as the base year and develop a price index for the retail price of a gallon of regular grade gasoline over this four-year period.

2011 price index=____?_____

2012 price index=_____?____

2013 price index=______?______

2014 price index=_____?______

(b)Use 2012 as the base year and develop a price index for the retail price of a gallon of regular grade gasoline over this four-year period.

2011 price index=____?_____

2012 price index=____?_____

2013 price index=____?____

2014 price index=____?_____

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