2 discussion post 1

At below, there is two discussion question. feel free to ask me question.

1: Choose one of the three problems with measuring the cost of living using CPI (i.e.substitution bias, introduction of new goods, and unmeasured quality change), as discussed in CH 11.

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Explain why the bias works in the direction that it does and explain why the bias does not work in the other direction (or explain why it can work in either direction).

Then illustrate your points above with an example of your own making.

2: For this discussion, you will visit the Bureau of Labor Statistics (BLS) website to review and/or calculate unemployment data. You’ll be navigating this site on your own – but one helpful navigational tool is the search window. If you type in what you’re looking for (such as the community), there is a good chance you’ll find it easily.

Here is what you need to do:

(A) Report on the most recent unemployment rates for the areas listed below. For each, include the (i) name of the geography, (ii) the period the unemployment rate reflects, and (iii) whether the rate is seasonally adjusted.

1. The U.S.

2. Michigan

3. Your hometown or where you currently live.

(B) Reflect on something of interest you found within the BLS website pertaining to unemployment rates.