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

question 13

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 are the simple price indexes for electricity, natural gas and fuel oil, respectively, in 1995 using 1992 as the base year?

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Definitions:

Primary Data

Data collected firsthand by a researcher for a specific research purpose, through experiments, surveys, or observations.

Measurement

The process or act of quantifying objects, events, or phenomena, often using units or methods that have been standardized.

Concepts

Concepts are abstract ideas or mental symbols used to represent objects, conditions, or phenomena within a theoretical framework.

Direct Observation

A research method where information is gathered firsthand by watching subjects in their natural or normal environments.