In all of your previous problems, you examined trende that do not take inflation into account. Bathis extension, you will reproduce the analysis after adjusting the data for inflation.11. Use the following web-site to convert the price of gasoline to inflated prices for thecurrent year. Add these values to the table that follows.http://www.bls.govldata'inflation calculator.htmGas Price perGallen$1.30$1.47S1.14$1.47$1.59$1.82$2.32$2.27$3.05S1.79$2.73$3.09$3.40Gas Price Adjastedfor Inflation2.212.41Years since200023.2372.472.143.224.152.443.624,034.717.8.101112*Whut you are going to do here is use the year 2000 as your baseline for all years. On the web-site, enter the price in the first field, always leave the second field 2000, and adjust "Has thesame buying power as" to the ycar next to each price. When you click "Calculate," you will seethe adjusted price. That is what you write in the last column of the table for each year.For example, when you compute the last field, it should look like this:CPI Inflation Calculator3.40in 2000Has the same buying power as$4.53in 2012Calilate

Inflation is an economic term that refers to the general increase in the prices of goods and…

11. Use the following web-site to convert the price of gasoline to inflated prices for the current year. Add these values to the table that follows. http://www.bls.gov/data/inflation calculator.htm Years since Gas Price per Gas Price Adjusted

11. Use the following web-site to convert the price of gasoline to inflated prices for the current year. Add these values to the table that follows. http://www.bls.gov/data/inflation calculator.htm Years since Gas Price per Gas Price Adjusted

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

In all of your previous problems, you examined trende that do not take inflation into account. Ba
this extension, you will reproduce the analysis after adjusting the data for inflation.
11. Use the following web-site to convert the price of gasoline to inflated prices for the
current year. Add these values to the table that follows.
http://www.bls.govldata'inflation calculator.htm
Gas Price per
Gallen
$1.30
$1.47
S1.14
$1.47
$1.59
$1.82
$2.32
$2.27
$3.05
S1.79
$2.73
$3.09
$3.40
Gas Price Adjasted
for Inflation
2.21
2.41
Years since
2000
2
3.
237
2.47
2.14
3.22
4.15
2.44
3.62
4,03
4.71
7.
8.
10
11
12
*Whut you are going to do here is use the year 2000 as your baseline for all years. On the web-
site, enter the price in the first field, always leave the second field 2000, and adjust "Has the
same buying power as" to the ycar next to each price. When you click "Calculate," you will see
the adjusted price. That is what you write in the last column of the table for each year.
For example, when you compute the last field, it should look like this:
CPI Inflation Calculator
3.40
in 2000
Has the same buying power as
$4.53
in 2012
Calilate

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