Complimentary Goods Case of Wine Beer and Cheese Questions

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Question Description

I’m trying to study for my Economics course and I need some help to understand this question.

  1. If an early frost destroys a large percentage of the grape crop in British Columbia, how would this be expected to affect the market for Canadian wine, the market for beer, a substitute good, and the market for cheese, a complementary good?
  2. Explain why GDP is not considered a perfect measure of well-being.
  3. What are the problems associated with using the consumer price index (CPI) to measure the cost of living?

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