Compute a paperback novel price index

Reference no: EM131772216

Question: A paperback novel cost $1.50 in 1968, $3.50 in 1981, and $6.99 in 1995. Compute a "paperback novel price index" for 1981 and 1995 using 1968 as the base year. In words that can be understood by someone with no training in statistics, explain what the resulting numbers mean.

Reference no: EM131772216

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