New Goods and the CPI Bias. Most “cell phones” today are more than cell phones—they are mini-computers on which you check your e-mail and surf the Web. Suppose the BLS treated them as old-fashioned...

New Goods and the CPI Bias. Most “cell phones” today are more than cell phones—they are mini-computers on which you check your e-mail and surf the Web. Suppose the BLS treated them as old-fashioned cell phones. How would this cause a bias in the CPI? (Related to Application 4 on page 155.)