Statistics for Business and Economics (13th Edition)
13th Edition
ISBN: 9780134506593
Author: James T. McClave, P. George Benson, Terry Sincich
Publisher: PEARSON
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Textbook Question
Chapter 14.1, Problem 14.9ACB
Spot price of natural gas. The table shown in the next column lists the spot price of natural gas (in dollars per Btu) between 1997 and 2015.
- a. Using 1997 as the base period, calculate and plot the simple index for the spot price of natural gas from 1997 through 2015.
- b. Use the simple index to interpret the trend in the price of natural gas.
- c. Is the index you constructed in part a a price or quantity index? Explain.
| Year | Spot Price |
| 1997 | 2.49 |
| 1998 | 2.09 |
| 1999 | 227 |
| 2000 | 4.31 |
| 2001 | 3.96 |
| 2002 | 3.38 |
| 2003 | 5.47 |
| 2004 | 5.89 |
| 2005 | 8.69 |
| 2006 | 6.73 |
| 2007 | 6.97 |
| 2008 | 3.86 |
| 2009 | 3.94 |
| 2010 | 4.37 |
| 2011 | 4.00 |
| 2012 | 2.75 |
| 2013 | 3.73 |
| 2014 | 4.37 |
| 2015 | 2.62 |
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Chapter 14 Solutions
Statistics for Business and Economics (13th Edition)
Ch. 14.1 - Explain in words how to construct a simple index.Ch. 14.1 - Explain in words how to calculate the following...Ch. 14.1 - Explain in words the difference between Laspeyres...Ch. 14.1 - The table below gives the prices for three...Ch. 14.1 - Refer to Exercise 14.4. The next table gives the...Ch. 14.1 - Annual median family income. The table below lists...Ch. 14.1 - Annual U.S. craft beer production. While overall...Ch. 14.1 - Quarterly single-family housing starts. The...Ch. 14.1 - Spot price of natural gas. The table shown in the...Ch. 14.1 - Employment in farm and nonfarm categories....
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