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.

Question

Weston Grant

Business

7 May, 11:41

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.

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Lady Gaga · Answer 1

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