Suppose the current price of gasoline is 2.63 per gallon. Find the current price index number using the 1975 price of 56.7 cents as a reference value

asked Jul 16, 2020 3.7k views

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3 votes

Answer:

463.8

Explanation:

The price index is 100 times the ratio of prices:

index = 2.63/.567 × 100 = 463.8

AdamT answered Jul 21, 2020

by AdamT

5.6k points

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