Assume that the price of a bottle of wine in 1990 was 3.50 and in 2021 it

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Assume that the price of a bottle of wine in 1990 was €3.50 and in 2021 it is €8.50. Further assume that the price index in 1990 was 95 and in 2021 was 160. Was wine cheaper in 1990 than in 2021? Explain.

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Economics

ISBN: 9781473768543

5th Edition

Authors: Gregory Mankiw, Mark P. Taylor

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Question Posted: Apr 26, 2024 02:01 AM

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Assume that the price of a bottle of wine in 1990 was 3.50 and in 2021 it

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To determine whether wine was cheaper in 1990 than in 2021 we can compare the real price of wine in ...View the full answer

Economics

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