Question: Here is some information about a professor salary index Year (PSI). Change 1991 82 3.22% 1992 89 8.50 1993 100 a 1994 B 4.00 1995

Here is some information about a professor salary index

Year (PSI). Change

1991 82 3.22%

1992 89 8.50

1993 100 a

1994 B 4.00

1995 107 c

1996 116 d

1997 E 5.17

1998 132 7.58

(a) Calculate the unknown quantities a, b, c, d, e in me table. Review Equation 14..:3.

(b) What is the base year of the PSI? How did you determine it?

(c) Given the data for the PSI, calculate the average annual price increase in salaries paid to professors for between 1991 and 1995 and between 1992 and 1998.

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