The price of gasoline. Use your results from Exercise 16.3 to answer these questions. (a) By how
Question:
The price of gasoline. Use your results from Exercise 16.3 to answer these questions.
(a) By how many points did the gasoline price index number change between 1987 and 2007? What percentage change was this?
(b) By how many points did the gasoline price index number change between 1997 and 2007? What percentage change was this?
You see that the point change and the percentage change in an index number are the same if we start in the base period, but not otherwise.
Chapter 16 Exercises 353
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ISBN: 9781429277761
7th Edition
Authors: David S Moore, William I Notz
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