Ask Question
16 April, 08:24

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.

+4
Answers (1)
  1. 16 April, 09:10
    0
    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
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “An organization estimated that in a particular year the population of a country spent $10.4 trillion in personal consumption. The major ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers