Imagine that the government statisticians who calculate the inflation ratehave been updating the basic basket of goods once every 10 years, but now they decide to update it every five years. How will this change affect the amount of substitution bias and quality/new goods bias?Explain
ECONOMICS TEST ASSIGNMENT Part A Answer all the three questions. Maximum of 250 words for each question. Use diagrams where appropriate to enhance and explain your response. Provide supporting evidence and references where appropriate to justify your arguments. Note that inanswering economics questions it is important to first identify which part of economic theory you […]