Question: INDEX NUMBERS Taking 1980 as the base year, compute the simple index for the price of natural gas in 1967, 1975, 1985, and 1995, 2005,

INDEX NUMBERS

Taking 1980 as the base year, compute the simple index for the price of natural gas in 1967, 1975, 1985, and 1995, 2005, and 2014 using the data in the table below:

U.S. Price of Natural Gas Sold to Commercial Consumers (Dollars per Thousand Cubic Feet)

Decade

Year-0

Year-1

Year-2

Year-3

Year-4

Year-5

Year-6

Year-7

Year-8

Year-9

1960's

0.74

0.73

0.74

1970's

0.77

0.82

0.88

0.94

1.07

1.35

1.64

2.04

2.23

2.73

1980's

3.39

4.00

4.82

5.59

5.55

5.50

5.08

4.77

4.63

4.74

1990's

4.83

4.81

4.88

5.22

5.44

5.05

5.40

5.80

5.48

5.33

2000's

6.59

8.43

6.63

8.40

9.43

11.34

12.00

11.34

12.23

10.06

2010's

9.47

8.91

8.10

8.08

8.90

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