ECON 2020 Chap 11 Book Notes.docx

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Department
Economics
Course
ECON 2020
Professor
Dale De Boer
Semester
Spring

Description
ECON 2020 Book Notes Chapter 11 Measuring the Cost of Living Consumer Price Index (CPI) -Used to determine inflation -Monitor changes in the cost of living over time. -The overall cost of G&S bought by a typical consumer. Inflation -Overall price of items is rising -Determined by CPI Deflation -Overall price is dropping. Producer Price Index -Better for predicting changes in CPI CPI Issues -Substitution Bias -The CPI assumes people buy the same amount of each item regardless of price changes. -Introduction of New Goods -With new goods introduced there are more item
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