Question 1) The price of gasoline. The yearly average price of unleaded regular gasoline has fluctuated as follows: 1998: $1.09 per gallon 2008: $3.09 per gallon 2018: $2.44 per gallon Give the gasoline price index numbers (2008=100) for 1998, 2008, and 2018. Relatively speaking, which year had the highest gas price?

Question 2) Use your results from Question 1 to answer these questions.. A) By how many points did the gasoline price index number change between 1998 and 2018? What percentage change was this? B) By how many points did the gasoline price index number change between 2008 and 2018? 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.