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

question 60

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 Paasche price index for the group of three energy items in 1996 for a family that consumed 13 units of electricity, 26 units of natural gas and 235 units of fuel oil in 1996 using 1992 as the base year?

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Definitions:

P-Value

The chance of encountering test outcomes as significant as or more than what is actually seen, assuming that the null hypothesis holds.

Population Locations

The geographically-based positions or areas where members of a specific population are found or located.

Ordinal

Pertaining to a scale or measurement where the order of values is significant, but the intervals between values are not necessarily consistent or known.

Interval

A range of numbers between two set points where any number within that range is included.