To calculate the real price, divide the nominal price by the CPI and multiply by 100. Table

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To calculate the real price, divide the nominal price by the CPI and multiply by 100. Table 2 shows the calculations. The real price was highest in 2011, when it was 159 cents (1982–1984 cents) per gallon. The real price was lowest in 2001, when it was 83 cents (1982–1984 cents) per gallon.

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Essential Foundations Of Economics

ISBN: 9780520219465

7th Global Edition

Authors: Bade, Robin;Parkin, Michael

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