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
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ISBN:9780190931919
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Chapter1: Making Economics Decisions
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Problem 1QTC
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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
Transcribed Image Text: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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