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EC311 · Intermediate Microeconomics

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EC311 / TOPIC 13

4.5 Price indexes and cost of living

One idea · follow the reasoning · then practise1 / 9

01

Why can Laspeyres and Paasche bracket the true cost-of-living index?

Top-down scene with a clock, a government coin, a wallet, groceries, and a gift connected by dashed arrows
VISUAL NOTE · Applied microeconomics Cost of living depends on how the basket adapts

If a price rises and consumers substitute, does the old basket measure the exact cost of living?