Assume that you are the economist for a union representing workers in a particular industry. The union’s goal is to maximize their members remuneration. You are negotiating a new collective agreement. What specific macroeconomic measure of the cost of living would you utilize and how, to determine the wage increase that you should bargain for in order to maintain your real wage? Explain how you would be affected if your estimate of the future increase in the cost of living (and the wage increase you settled on based on this estimate) ended up being lower than the actual increase in the cost of living?