Concept explainers
Look at the gasoline price index in Table 3.2. What does the
2005 price index of 192.5 tell us?
a. Gas in 2005 cost 192.5 times as much as gas in 1985.
b. Gas in 2005 cost 1.925 times as much as gas in 1985.
c. Gas in 2005 cost 192.54¢ per gallon.
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