Question: Americans spent the following amounts for medical care between 1987 and 1993, in billions of dollars (World Almanac and Book of Facts, 1995, p. 128).
Year 1987 1988 1989 1990 1991 1992 1993
Amount spent 399.0 487.7 536.4 597.8 651.7 704.6 760.5
a. Create a "medical care index" for each of these years, using 1987 as a base.
b. Comment on how the cost of medical care has changed between 1987 and 1993, relative to the change in the Consumer Price Index, which was 113.6 in 1987 and 144.5 in 1993.