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Table 3 shows the actual per liter prices for unleaded petrol for June of each year between 1978 and 1986, together with the values of CPIS for those years in the US. Year Petrol price (USD/liter) CPI (1978 = 1.00) Inflation rate (%) Relative change 1978 0.663 0.652 1979 0.901 0.726 1980 1.269 0.824 1981 1.391 0.909 1982 1.309 0.965 1983 1.277 0.996 1984 1.229 1.039 1985 1.241 1.076 1986 0.955 1.136 (a) (b) Calculate the inflation rate and the change in relative price of petrol from 1979 onwards. Explain whether the changes in petrol prices are due to general inflation or to other

Table 3 shows the actual per liter prices for unleaded petrol for June of each year between 1978 and 1986, together with the values of CPIS for those years in the US. Year Petrol price (USD/liter) CPI (1978 = 1.00) Inflation rate (%) Relative change 1978 0.663 0.652 1979 0.901 0.726 1980 1.269 0.824 1981 1.391 0.909 1982 1.309 0.965 1983 1.277 0.996 1984 1.229 1.039 1985 1.241 1.076 1986 0.955 1.136 (a) (b) Calculate the inflation rate and the change in relative price of petrol from 1979 onwards. Explain whether the changes in petrol prices are due to general inflation or to other

College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter4: Polynomial And Rational Functions
Section4.6: Rational Functions
Problem 11SC: Find the mean hourly cost when the cell phone described above is used for 240 minutes.
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Pls provide the formula of "Relative Change".

Table 3 shows the actual per liter prices for unleaded petrol for June of each year between 1978 and 1986, together with the values of CPIS for those years in the US. Petrol price (USD/liter) CPI (1978 = 1.00) 0.652 Relative change Year Inflation rate (%) 1978 0.663 1979 0.901 0.726 1980 1.269 0.824 1981 1.391 0.909 1982 1.309 1.277 0.965 1983 0.996 1984 1.229 1.039 1985 1.241 1.076 1986 0.955 1.136 (a) (b) Calculate the inflation rate and the change in relative price of petrol from 1979 onwards. Explain whether the changes in petrol prices are due to general inflation or to other factors specific to oil prices.
Transcribed Image Text:Table 3 shows the actual per liter prices for unleaded petrol for June of each year between 1978 and 1986, together with the values of CPIS for those years in the US. Petrol price (USD/liter) CPI (1978 = 1.00) 0.652 Relative change Year Inflation rate (%) 1978 0.663 1979 0.901 0.726 1980 1.269 0.824 1981 1.391 0.909 1982 1.309 1.277 0.965 1983 0.996 1984 1.229 1.039 1985 1.241 1.076 1986 0.955 1.136 (a) (b) Calculate the inflation rate and the change in relative price of petrol from 1979 onwards. Explain whether the changes in petrol prices are due to general inflation or to other factors specific to oil prices.
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