11. Use the following web-site to convert the price of gasoline to inflated prices for the current year. Add these values to the table that follows. http://www.bls.gov/data/inflation Years since 2000 0 1 2 3 4 5 6 7 8 9 10 11 12 Gas Price per Gallon $1.30 $1.47 $1.14 $1.47 $1.59 $1.82 $2.32 $2.27 $3.05 $1.79 $2.73 calculator.htm $3.09 $3.40 Gas Price Adjusted for Inflation *What you are going to do here is use the year 2000 as your baseline for all years. On the web- site, enter the price in the first field, always leave the second field 2000, and adjust "Has the same buying power as" to the year next to each price. When you click "Calculate," you will see the adjusted price. That is what you write in the last column of the table for each year. For example, when you compute the last field, it should look like this:
11. Use the following web-site to convert the price of gasoline to inflated prices for the current year. Add these values to the table that follows. http://www.bls.gov/data/inflation Years since 2000 0 1 2 3 4 5 6 7 8 9 10 11 12 Gas Price per Gallon $1.30 $1.47 $1.14 $1.47 $1.59 $1.82 $2.32 $2.27 $3.05 $1.79 $2.73 calculator.htm $3.09 $3.40 Gas Price Adjusted for Inflation *What you are going to do here is use the year 2000 as your baseline for all years. On the web- site, enter the price in the first field, always leave the second field 2000, and adjust "Has the same buying power as" to the year next to each price. When you click "Calculate," you will see the adjusted price. That is what you write in the last column of the table for each year. For example, when you compute the last field, it should look like this:
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter22: Inflation
Section: Chapter Questions
Problem 34P: The total price of purchasing a basket of goods in the United Kingdom over four years is: year...
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