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1.If the minimum wage increased by 10% and CPI rose by 15% from 2019 to 2020, what happened to the employees' real income and budget

1.If the minimum wage increased by 10% and CPI rose by 15% from 2019 to 2020, what happened to the employees' real income and budget line? Explain your answer.

2.Why is CPI an imperfect measure of the cost of living? Explain how CPI differs from the GDP deflator in measuring the overall price level of an economy.

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