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The following table reports the average prices of gasoline and apples, as well as the consumer price index for three years. Gasoline (Price per Pound)
The following table reports the average prices of gasoline and apples, as well as the consumer price index for three years. Gasoline (Price per Pound) Red Delicious Apples (Price per Pound) Consumer Price Index (1982-1984 =100) 1995 $1.15 $0.83 152.4 2005 $2.30 $0.95 195.3 2015 $2.45 $1.36 237.0 Instruction: Enter your responses rounded to two decimal places. a) What was the percentage increase in the price of gasoline from 1995 to 2005? % b) Did the relative price of gasoline rise or fall from 1995 to 2005? (Remember that the relative price of a product rises if its percentage increase in price is bigger than the percentage increase in the CPI.) multiple choice 1 Rise Fall c) Did the relative price of gasoline rise or fall from 2005 to 2015? multiple choice 2 Rise Fall d) Did the relative price of apples rise or fall from 1995 to 2005? multiple choice 3 Rise Fall
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