Question: 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

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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For 1995 the index is 100 x 699349 20020 For 2013 the index is 1... View full answer

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