The following data indicate the price indexes of lumber (base period 1982 = 100) during the last five years:
Period Price (cents)
2005............................. 150.6
2006............................. 155.1
2007............................. I5S.3
2008............................. 161.8
2009............................. 165.8
2010............................. ?
(a) Assuming that the base period (price index = 100) is reset to the year 2005, compute the average (geometric) price index for lumber between 2005 and 2009.
(b) If the past trend is expected to continue, how would you estimate the lumber product in 2010?