Final answer:
To calculate the gasoline price index for 1975 using 1955 as the reference value, you need the prices of gasoline for both years. With those values, we can apply the price index formula, which compares the cost of a market basket in the target year to that in the base year, multiplied by 100.
Step-by-step explanation:
The question is asking for the calculation of the gasoline price index for the year 1975 with 1955 as the base year or the reference value. An index number is a statistical measure designed to show changes in a variable or a group of related variables with respect to time, geographic location, or other characteristics.
To calculate a price index, you generally use the formula:
Price Index = (Cost of Market Basket in Given Year / Cost of Market Basket in Base Year) × 100
To provide a specific value for the gasoline price index in 1975 using 1955 as the reference, we would need the actual prices of gasoline for both 1955 and 1975. With this information, we could then substitute the prices into our formula and calculate the index. However, since we don't have the exact values, we would be unable to calculate an exact index number in this instance.