TABLE 16-15 Given Below Are the Average Prices for Three Types of Types

question 40

Short Answer

TABLE 16-15
Given below are the average prices for three types of energy products for five consecutive years.
-Referring to Table 16-15,what are the simple price indices for electricity,natural gas and fuel oil,respectively,in year 3 using year 5 as the base year?

---

Definitions:

Agency Relationship

A legal bond where one party, the agent, acts on behalf of another party, the principal, in a business transaction.

Irrevocable

Something that cannot be changed, reversed, or undone, typically referring to certain contracts, trusts, or agreements.

Coupled With An Interest

A right or benefit that cannot be taken away because it is legally attached to another property or contractual right.

Agency Agreement

A legal contract creating a fiduciary relationship wherein the first party ("the principal") agrees that the actions of a second party ("the agent") binds the principal to later agreements made by the agent as if the principal had himself personally made the later agreements.