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Define why prices is significant for economy

Reason for using different weights is that some prices are more significant than others for economy. Price of gasoline, for instance, is much more vital than price of paper clips. By using different weights we allow for changes in a number of prices to have a larger effect on price level than changes in other prices.

 

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9582295

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