The Energy Information Administration (EIA), created by Congress in 1977, is a statistical agency of the U.S. Department of Energy. It provides data, forecasts, and analyses to promote sound policymaking and public understanding regarding energy and its interaction with the economy and the environment. The price of the sources of energy is becoming more and more important as our natural resources are consumed. The file titled Prices contains data for the period 1993–2008 concerning the price of gasoline ($/gal.), natural gas ($/ cu. ft.), and electricity (cents/kilowatt hr.).
a. Using 1993 as the base, calculate an aggregate energy price index for these three energy costs.
b. Determine the actual percentage change in the aggregate energy prices between 1993 and 2008.
c. Determine the actual percentage change in the aggregate energy prices between 1998 and 2008.