Question

An organization estimated that in a particular year the population of a country spent ​$10.4 trillion in personal consumption. The major categories of these expenditures are durable goods ​($1.7 ​trillion; for​ example, cars,​ furniture, recreational​ equipment), nondurable goods ​($2.4 ​trillion; for​ example, food,​ clothing, fuel), and services ​($6.2 ​trillion; for​ example, health​ care, education,​ transportation). What is the approximate annual per capita spending for personal​ consumption? Assume a population of 310 million.

Answer 1

Answer:

The approximate annual per capita spending for personal​ consumption is $30,145 person per year

Explanation:

The formula to compute the approximate annual per capita spending for personal​ consumption is shown below:

= Total amount which country has spent in a particular year ÷ Total population

Since the population amount is 310 million and the total amount spent is $10.4 trillion

So, we have to convert the million to trillion

So, the revised population would be

= 345 ÷ $1000,000 = 0.000345 trillion

Now put these values to the above formula

So, the answer would be equal to

= $10.4 trillion ÷ 0.000345 trillion

= $30,145 person per year