Budget Analysis (9’)The table below presents a brief summary of City A’s total spending, local GDP, and population changes. Read the table and answer the following questions. 20102020Total spending ($ million)89104.12Local GDP ($ millions)110134Population50,00056,275CPI deflators (2012=1)0.961.05Assuming City A’s population grows at a constant rate in the next decade. Based on the information in the table, estimate City A’s population in 2030. Calculate per capita spending in 2010 and 2020, respectively, using constant dollars. Calculate the compound annual growth rate of per capita spending from 2010 to 2020

Particular 2010 2020 Total Spending (million) 89 104.12 GDP (million) 110 134 Population…

Answered: Budget Analysis (9’) The table below…

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter15: Gross Domestic Product

Section: Chapter Questions

Problem 1SQ

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Budget Analysis (9’)

The table below presents a brief summary of City A’s total spending, local GDP, and population changes. Read the table and answer the following questions.

	2010	2020
Total spending ($ million)	89	104.12
Local GDP ($ millions)	110	134
Population	50,000	56,275
CPI deflators (2012=1)	0.96	1.05

Assuming City A’s population grows at a constant rate in the next decade. Based on the information in the table, estimate City A’s population in 2030.
Calculate per capita spending in 2010 and 2020, respectively, using constant dollars.
Calculate the compound annual growth rate of per capita spending from 2010 to 2020

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