The following data indicate the price indices of lumber (price index for the base period 1982-1984 =
Question:
The following data indicate the price indices of lumber (price index for the base period 1982-1984 = 100) during the last 10 years:
Period Price Index
2001.............144.5
2011.............195.1
(a) If the base period (price index = 100) is reset to the year 2001, compute the inflation rate for lumber between 2001 and 2011.
(b) If the past trend is expected to continue, how would you estimate the price of lumber in 2015?
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