In 1950, one gallon of gasoline costs $0.27. Today the prices are going down but are they as low as they were in 1950? Or could $0.27 buy more in 1950?
In this activity we begin to understand the relative value of a gallon of gasoline. Has the cost of gas really gone up?
Students can use our activity sheet to discuss and refine the current value of past gasoline costs.
The Activity: Price-of-Gas.pdf
After feeling confident about the mathematics, students can complete our Historical Gas Price Excel student sheet. For teachers, we've created a guide for using formulas and creating nice looking charts in Excel.
For members we have the Excel sheet completed, an activity solution, and all of the tasks included in a zip file.
Then you and your class can study the charts and make some informed observations about whether the constant dollar cost of gasoline has really gone up, stayed the same, or gone down. Add in some current event facts to the discussion to analyze why the nominal price of gasoline has changed through the years.
This activity is appropriate for students 5th grade or older. It can be used to address many different skills & standards. Some obvious CCSS: 5.G.1, 5.G.2, 5.NBT.7, 6.NS.3, MP3, MP4, MP5