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Consider an economy with only two goods: bread and wine. In 1982 (the base year), the typical family bought 4 loaves of bread at 70
Consider an economy with only two goods: bread and wine. In 1982 (the base year), the typical family bought 4 loaves of bread at 70 per loaf and 2 bottles of wine for $8 per bottle. In Year X, bread cost 75 per loaf and wine cost $10 per bottle. The CPI for Year X (using a 1982 base year) is about
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