TABLE 16-14
Given Below Are the Average Prices for Three

question 191

Short Answer

TABLE 16-14
Given below are the average prices for three types of energy products in the United States from 1992 to 1995.
$$\begin{array} { c c c c } \text { Year } & \text { Electricity } & \text { N atural Gas } & \text { Fuel Oil } \\1992 & 43.205 & 25.893 & 0.892 \\1993 & 16.959 & 28.749 & 0.969 \\1994 & 47.202 & 28.933 & 1.034 \\1995 & 48.874 & 29.872 & 0.913 \\1996 & 48.693 & 28.384 & 0.983\end{array}$$
-Referring to Table 16-14, what is the Laspeyres price index for the group of three energy items in 1994 for a family that consumed 15 units of electricity, 24 units of natural gas and 200 units of fuel oil in 1992 using 1992 as the base year?

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Definitions:

Tsunami

A series of ocean waves with extremely long wavelengths caused by large-scale disturbances such as underwater earthquakes, volcanic eruptions, or landslides.

Richter Magnitude

A scale historically used to quantify the size of earthquakes based on the amplitude of seismic waves, replaced by the more accurate moment magnitude scale for large events.

Nomograph

A type of graph used in seismology to determine the local magnitude of an earthquake.

S-Wave Amplitude

The measure of the height of the secondary or shear waves, which are one type of seismic wave produced by earthquakes.