Use the CPI values from Figure 9.8 to convert the sales values from the student exercise X9.6 to a constant dollar value based on the 2004 value of the dollar.

Data from Exercises 9.6

Calculate indices based on year 2000 for the series shown in Table 9.5. Could you convert them into indices based on year 2003?

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0XFERR Example 9.8 Year 1960 1961 1982 1983 1964 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Oil price $37.42 $35.75 $31.83 $29.08 $28.75 $26.92 $14.44 $17.75 $14.87 $18 33 $23.19 $20.20 $19.25 $16.75 $15.66 $15.75 $20.46 $18.64 $11.91 $16.56 $27.39 $23.00 $22.81 $27.69 $37.66 $50.04 $58.30 $64.20 $91.48 $53.48 $71.21 $87.04 Figure 9.8 Oil prices deflated with CPI CPI 2000-100 47.86 52.8 56.04 57.84 60.33 62.47 63.65 65.98 68 67 71.99 75.88 79.09 81.48 83 89 86.08 88.49 91.09 93.22 94.66 96.73 100 102 83 104.46 106.83 109.69 113.41 117.07 120 41 125.03 124.59 126.63 130.63 Deflated to 2000 $value $78.19 $67.71 $56.80 $50.28 $47.65 $43.09 $22.69 $26.90 $21.65 $25.46 $30.56 $25.54 $23.63 $19.97 $18.19 $18.93 $22.46 $20.00 $12.58 $17.12 $27.39 $22.37 $21 84 $25.92 $34.33 $44 12 $49,80 $53.32 $73.17 $42.92 $56 23 $66.63 Formulae C4 (SD$24/04)