Assume that the price of a bottle of wine in 1990 was 3.50 and in 2021 it
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Assume that the price of a bottle of wine in 1990 was €3.50 and in 2021 it is €8.50. Further assume that the price index in 1990 was 95 and in 2021 was 160. Was wine cheaper in 1990 than in 2021? Explain.
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