1.1. Consider Table 23-3 but suppose that the market basket is composed of 100 oranges, 50 grapefruit,...
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1.1. Consider Table 23-3 but suppose that the market basket is composed of 100 oranges, 50 grapefruit, and 200 lemons. How does this change the pre-frost and post-frost price indexes?
Explain. Generalize your explanation to how the construction of the market basket affects the price index.
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