Table 13-21 Source: Energy Information Administration
-Refer to Table 13-21

question 199

Essay

Table 13-21
$\begin{array}{|c|c|c|c|}\hline && \text {Average Retail Price }\\&& \text { Unleaded Regular }\\&& \text {Gasoline}&\text { CPI }\\ \text { Year } & \text { Month } & \text { (centsper gallon) } & (1982-1984=100) \\\hline 1976 & \text { June } & 59.2 & 56.8 \\\hline 1981 & \text { September } & 137.6 & 93.2 \\\hline 1994 & \text { December } & 114.3 & 149.7 \\\hline 2011 & \text { October } & 340.0 & 226.9\\\hline\end{array}$ Source: Energy Information Administration
-Refer to Table 13-21.The table above reports the consumer price index and the average U.S.retail price for unleaded regular gasoline for four different periods since 1976.Note that the gasoline prices are in cents per gallon.
Calculate the real average retail price of unleaded regular gasoline in 1982-1984 dollars.In which period were gasoline prices the highest in real terms? Also,calculate the real average retail price of unleaded regular gasoline in 2011 dollars.

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