Many factors influence the retail price of gasoline. The following table shows the average retail price for a gallon of regular grade gasoline for each year from 2014 through 2017 (U.S. Energy Information Administration website). 

a. Use 2014 as the base year and develop a price index for the retail price of a gallon of regular grade gasoline over this four-year period. 

b. Use 2016 as the base year and develop a price index for the retail price of a gallon of regular grade gasoline over this four-year period.

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Year Average Price ($) 2014 3.358 2015 2.429 2016 2.143 2017 2.415