If the Average Price for Gasoline in 2001 and 2006

question 55

Short Answer

If the average price for gasoline in 2001 and 2006 was $1.46 per gallon and $2.59, respectively, the simple price index for 2006 is ________%.

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Definitions:

Preexisting Duty

An obligation that a party is already legally bound to fulfill, which cannot serve as consideration for a new contract.

Bilateral Contract

An agreement between two parties where each promises to perform an act in exchange for the other's performance.

Unilateral Contract

A contract where one party makes a promise in exchange for an act by another party, becoming binding upon the performance of the act.

Past Consideration

In contract law, a benefit or service previously performed and therefore cannot serve as consideration for a current contract.