Suppose that the price index for year 2000 is set to 100. Suppose also that gasoline prices
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Question:
Suppose that the price index for year 2000 is set to 100. Suppose also that gasoline prices in the year (in cents per gallon) 2000 are as follows:
Premium: 114
Plus: 103
Regular: 93
Suppose the prices (in cents per gallon) in the year 2010 are as follows:
Premium: 300
Plus: 250
Regular: 200
Assuming that for every 3 gallons of Regular gasoline sold, 1 gallon of Plus and 1 gallon of Premium gasoline are sold. Calculate the composite price index of gasoline in the year 2010.
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