Business, 12.03.2021 15:00 vicor

For each scenario, determine which bias is preventing a price index constructed 15 years ago from measuring the true cost of living. a. A typical family owns more cell phones and fewer landline telephones than it did a decade ago. The average price of a cell phone plan is lower than that of a residential line. The bias represented in this scenario is . b. Very few households had high-speed internet connections 15 years ago. Now most households have it, and the average price has fallen each year. The bias represented in this scenario is . c. Over the last 15 years, personal computers have gotten faster and acquired many new features that enable users to perform many more tasks. The bias represented in this scenario is

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