The price of gas in 1987 was $1.05 per gallon and in 2006 it was $2.12....
The price of gas in 1987 was $1.05 per gallon and in 2006 it was $2.12. The price index in 1987 was 113 and in 2006 it was 195. Based on this information, calculate the 1987 real price of gas measured in 2006 dollars. Enter a number rounded to two decimal places.
Homework Answers
Answer
Price in x year measured in y year dollars =(price in x year /CPI in x year)* CPI in y year
the 1987 real price of gas measured in 2006 dollars=(1.05/113)*195
=1.8119469
=1.81
the price is $1.81
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The price of gas in 1987 was $1.05 per gallon and in 2006 it was
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