A paperback novel cost 150 in 1968 350 in 1981 and 699 in, Basic Statistics

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A paperback novel cost 150 in 1968 350 in 1981 and 699 in

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.

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Basic Statistics: A paperback novel cost 150 in 1968 350 in 1981 and 699 in

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Basic Statistics: A paperback novel cost 150 in 1968 350 in 1981 and 699 in

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