Science, Maths & Technology
Prices, location and spread
...money (pence, pounds, whatever) they spent in 2007, they would have spent 120.8 units of money in 2008 if they had bought the same amount. So a way of representing this price change would have been to define an index for the gas price such that it takes the value 100 for 2007, and 120.8 for 2008. Notice that the value of the gas price index for 2008 could be calculated as...