Many factors influence the retail price of gasoline. Suppose the following table shows the average retail price for a gallon of regular grade gasoline for each year from 2011 through 2014. (Round your...

Extracted text: Many factors influence the retail price of gasoline. Suppose the following table shows the average retail price for a gallon of regular grade gasoline for each year from 2011 through 2014. (Round your answers to one decimal place.) Year Average Price ($) 2011 3.511 2012 3.623 2013 3.500 2014 3.363 (a) Use 2011 as the base year and develop a price index for the retail price of a gallon of regular grade gasoline over this four-year period. 2011 price index 2012 price index 2013 price index 2014 price index (b) Use 2012 as the base year and develop a price index for the retail price of a gallon of regular grade gasoline over this four-year period. 2011 price index 2012 price index 2013 price index 2014 price index