## Related questions with answers

Question

Recall the table discussed before that gives the price of a gallon of regular gasoline in the United States (in dollars) for the years $2003$ through $2011$. Another table discussed gives the price of a gallon of regular gasoline in the United States (in dollars) for the years $1990$ through $2002$.

By using $1990$ as the base year, construct a simple index for the prices of a gallon of regular gasoline in both tables.

Solutions

VerifiedSolution A

Solution B

Answered 1 year ago

Step 1

1 of 2To compute for a simple index, we use the formula

$\frac{y_t}{y_0}\cdot100$

where $y_t$ is the current value and $y_0$ is the base value.

Answered 1 year ago

Step 1

1 of 2The simple index is a ratio of the current $y_t$ and the base period $y_0$ value of a time series multiplied by $100$

$\dfrac{y_t}{y_0}\cdot 100.$

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