Many factors influence the retail price of gasoline. Suppose the following table shows the average retail price for a gallon of regular grade gasoline for each year from 2011 through 2014. (Round your answers to one decimal place.) Year Average Price ($) 2011 3.531 2012 3.623 2013 3.505 2014 3.368 (a) Use 2011 as the base year and develop a price index for the retail price of a gallon of regular grade gasoline over this four-year period. 2011 price index ?? 2012 price index ?? 2013 price index ?? 2014 price index ?? (b) Use 2012 as the base year and develop a price index for the retail price of a gallon of regular grade gasoline over this four-year period. 2011 price index ?? 2012 price index ?? 2013 price index ?? 2014 price index ??

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