To calculate the real price, divide the nominal price by the CPI and multiply by 100. Table
Question:
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.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Essential Foundations Of Economics
ISBN: 9780520219465
7th Global Edition
Authors: Bade, Robin;Parkin, Michael
Question Posted: