In September 2018, Apple introduced three new models of its iPhone. The new models had faster processors
Question:
In September 2018, Apple introduced three new models of its iPhone. The new models had faster processors and better cameras than the models they replaced, and they sold for higher prices.
a. Because the new iPhone models replaced the older models in the basket of goods used to calculate the CPI, did the higher prices of the new iPhones affect the CPI? Briefly explain.
b. If the new iPhone models had had the same prices as the iPhone models of the previous year, how would the introduction of the new iPhone models have affected the CPI?
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