The average unleaded-gasoline price for residents of a city on May 30, 2011, was $5.20 per gallon. Assuming that the base period (price index=lOO) is 1996 and that the unleaded-gasoline price for that year was $2.10 per gallon, compute the average price index for the unleaded-gasoline price for the year 2011.

The average unleaded-gasoline price for residents of a city on May 30, 2011, was $5.20 per gallon. Assuming that the base period (price index=lOO) is 1996 and that the unleaded-gasoline price for that year was $2.10 per gallon, compute the average price index for the unleaded-gasoline price for the year 2011.

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter2: The One Lesson Of Business

Section: Chapter Questions

Problem 2.6IP

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