Instruction 14-21
Given Below Are the Average Prices for Three

question 174

Short Answer

Instruction 14-21
Given below are the average prices for three types of energy products in Australia from 2006 to 2010.
$$\begin{array} { | l | c | c | c | } \hline \text { Year } & \text { Electricity } & \text { Natural Gas } & \text { Fuel Oil } \\\hline 2006 & 43.205 & 25.893 & 0.892 \\\hline 2007 & 16.959 & 28.749 & 0.969 \\\hline 2008 & 47.202 & 28.933 & 1.034 \\\hline 2009 & 48.874 & 29.872 & 0.913 \\\hline 2010 & 48.693 & 28.384 & 0.983 \\\hline\end{array}$$
-Referring to Instruction 14-21,what are the simple price indexes for electricity,natural gas and fuel oil,respectively,in 2009 using 2006 as the base year?

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Definitions:

Utility Function

An equation that quantifies the satisfaction a consumer receives from consuming a combination of goods and services, based on their preferences.

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Borda Count

A voting method where voters rank options or candidates, and rankings are converted into scores to determine the winner.

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Individuals who are considered for or are in the process of being selected for a position, role, award, or any form of recognition.