Table 24-9 The Table Below Lists the Per Gallon Prices of Gas

question 4

Multiple Choice

Table 24-9
The table below lists the per gallon prices of gas and milk for the months of April, May, and June. Assume that the typical consumer buys 60 gallons of gas and 4 gallons of milk each month, and that April is the base period.
-Refer to Table 24-9. What is the consumer price index for May?

• A)60
• B)132
• C)166
• D)123

---

Definitions:

Predictor Variable

A variable used in statistics and modeling that forecasts or predicts the outcome of a dependent variable, also known as an independent variable.

Second-order Polynomial

A polynomial of degree two, typically expressed as \(ax^2 + bx + c\), which represents a quadratic function.

First-order Polynomial

A mathematical expression of the form ax + b, where a and b are constants, and x is a variable.

Interaction

The effect that occurs when the impact of one variable on a response variable changes depending on the level of another variable in statistical models.