Question: Consider the following average monthly prices for regular gasoline in California in 2008. a. Construct a simple price index with January 2008 as the base.

Consider the following average monthly prices for regular gasoline in California in 2008.

a. Construct a simple price index with January 2008 as the base.
b. Determine the percentage change in the average gasoline price in California from January to June.

Month Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 3.25 3.18 3.56 3.82 3.97 4.484.46 4.163.79 3.39 2.46 1.82 Price

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