Answered: particular year the population of a…

Linear Algebra: A Modern Introduction

4th Edition

ISBN:9781285463247

Author:David Poole

Publisher:David Poole

Chapter2: Systems Of Linear Equations

Section2.4: Applications

Problem 28EQ

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Question

An organization estimated that in a particular year the population of a country spent $10.5 trillion in personal consumption. The major categories of these expenditures are durable goods($1.1trillion; for example, cars, furniture, recreational equipment), nondurable goods($2.1trillion; for example, food, clothing, fuel), and services($7.1trillion; for example, health care, education, transportation).

Complete parts (a) through (e) below.

a. What is the approximate annual per capita spending for personal consumption? Assume a population of 265million.

(Round to the nearest dollar as needed.)

b. What is the approximate daily per capita spending for personal consumption?

(Round to the nearest dollar as needed.)

c. On average about what percentage of personal spending is devoted to services?

(Round to the nearest percent as needed.)

d. Spending on health care was estimated to be$1.1 trillion in that year. About what percentage of all personal spending is devoted to health care?

(Round to the nearest percent as needed.)

e. Ten years earlier, the total spending on personal consumption was

$6.6 trillion, while health care spending was $647 billion. Compare the percentage increase in total spending and health care spending over the decade.

The percentage increase in total spending was
while the percentage increase in health care spending was ?

(Round to the nearest percent as needed.)

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