Statistics - Computing Price Index
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1. Suppose the following data are prices of market goods involved in household
transportation for the years 1994 through 2002. Using 1998 as a base year, compute
aggregate transportation price indexes for this data.
Year Items 1994 1995 1996 1997 1998 1999 2000 2001 2002
Gasoline (per gal.) 1.06 1.21 1.09 1.13 1.10 1.16 1.23 1.23 1.08
Oil (per qt.) 1.47 1.65 1.60 1.62 1.58 1.61 1.78 1.77 1.61
Transmission fluid(per qt.) 1.70 1.70 1.80 1.85 1.80 1.82 1.98 1.96 1.94
Radiator coolant (per gal.) 6.65 6.90 7.50 8.10 7.95 7.96 8.24 8.21 8.19.
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Solution:
Index Number of price for 1994 = ...
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