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Read post #60 again and make sure to open the photos as well as this will explain what P.E.P stands for as well as Average power.

Also remember, your Dead Key power is your Carrier Power on AM and not your P.E.P.  So when you show a 2 watt dead key that is correct no matter whether the meter is a average or PEP reading meter as long as both are calibrated correctly and are seeing the same load. 

If you will also read the article by cbradiomagazine.com about the radio shack meter it will help as well.  Here are photos of the article.  Read post #60 again as well, not the post itself but the photos I attached to post #60 as it will help you understand and learn something as well. For $32 dollars shipped that is fine as long as the meter is like new.  Look around a bit more and you might find one on Amazon or even here if you post a thread that you're looking for one.  I think that if you really look around you'd find one for like $20.  JMHO about that.  And hopefully I have given you some useful info.  There is one more article that I will post photos of here, read this as well.