Data from the U.S. Department of Energy show that gasoline

Chapter 3, Problem 8

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Data from the U.S. Department of Energy show that gasoline prices vary immensely for different countries. These prices include taxes and are in U.S. dollars/gallon of unleaded regular gasoline, standardized on the U.S. gallon. Year Germany Japan United States 1990 2.65 3.16 1.16 1992 3.26 3.59 1.13 1994 3.52 4.39 1.11 1996 3.94 3.65 1.23 1998 3.34 2.83 1.06 2000 3.45 3.65 1.51 2002 3.67 3.15 1.36 2004 5.24 3.93 1.88 2006 6.03 4.47 2.58 2008 8.60 4.49 3.26 2010 7.19 5.19 2.84 a. Compute the average annual rate of change of gas prices for each country using data for 1990 and 2010. b. Compute the average (mean) gas price from 1990 to 2010 for each country. c. Examine the accompanying graph of the data in the table. What information is more obvious in the graph? Using the information found in parts (a) and (b) and information from the graph below, write a 60-second summary comparing the gas prices in the United States, Germany, and Japan over the time period given.