1. Consider Table 16-1 but suppose that the market basket is composed of 100 oranges, 50 grapefruit,...
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1. Consider Table 16-1 but suppose that the market basket is composed of 100 oranges, 50 grapefruit, and 200 lemons. How does this change the pre-frost and postfrost consumer price indexes? Explain. Generalize your answer to explain how the construction of the market basket affects the CPI.
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