An oil refining company buys crude oil to process in its refineries. The price they have paid per barrel has been: (a) Calculate a simple price index for (i) the price in 2003 relative to 1997 (ii)...

An oil refining company buys crude oil to process in its refineries. The price they have paid per barrel has been:

(a) Calculate a simple price index for

(i) the price in 2003 relative to 1997

(ii) the price in 2001 relative to 1997

 (iii) the price in 2003 relative to 1999

(iv) the price in 2001 relative to 1999

 (b) Compare your answers to (a) (i) and (ii) with your answers to (a) (iii) and (iv).