Question: A paperback novel cost 3 49 in 1981 6 99
A paperback novel cost $ 3.49 in 1981, $ 6.99 in 1995, and $ 14.00 in 2013. Compute a “paperback novel price index” for 1995 and 2013 using 1981 as the base year. In words that can be understood by someone with no training in statistics, explain what the resulting numbers mean.
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