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.)YearAverage Price (s)20113.53120123.62920133.50020143.363(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 index2012 price inde:2013 price index2014 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 index2012 price index2013 price index2014 price indexSubmit A

Base Year: 2011Year Average Price ($) | Price Index (2011 Base) | 2011 (3.531 / 3.531) * 100 =…

Answered: Many factors influence the retail price…

College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter1: Equations And Graphs

Section1.2: Graphs Of Equations In Two Variables; Circles

Problem 111E

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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 3.618 2013 3.515 2014 3.348 (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 100 100.0 2012 price index 2013 price index X X 100.1 2014 price index 100.1 X (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 X 100.0 2012 price index 100 2013 price index 100.0 X 2014 price index 100.1 X
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