The following table represents the thallium production and apparent consumption in the United States for the years 2004 through 2010. Unit value is the value in actual dollars of one metric ton (t) of thallium apparent consumption. With 2004 as the base year, adjust the unit value in actual U.S. dollars to the unit value in constant 2004 U.S. dollars (2004$). Total Consumption(in Actual Dollars)ThalllumUnit Value(S/ton)ApparentConsumption793,000808,000YearProductionImportsExports2004685,000150,00042,00031.90$25,296,7002005711,000144,00047,00033.40$26,987,2002006672,000180,00043,000809,00033.80$27,344,2002007588,000175,00043,000720,00036.30$26,136,0002008521,000224,00042,000703,00036.50$25,659,5002009493,000245,00037,000701,00038.00$26,638,0002010508,000238,00037,000709,00041.00$29,069,000

The rate of inflation can be calculated as follows: Rate of inflation=Future valuePresent…

Answered: Total Consumption (in Actual Dollars)…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Question

The following table represents the thallium production and apparent consumption in the United States for the years 2004 through 2010. Unit value is the value in actual dollars of one metric ton (t) of thallium apparent consumption. With 2004 as the base year, adjust the unit value in actual U.S. dollars to the unit value in constant 2004 U.S. dollars (2004$).

Total Consumption
(in Actual Dollars)
Thalllum
Unit Value
(S/ton)
Apparent
Consumption
793,000
808,000
Year
Production
Imports
Exports
2004
685,000
150,000
42,000
31.90
$25,296,700
2005
711,000
144,000
47,000
33.40
$26,987,200
2006
672,000
180,000
43,000
809,000
33.80
$27,344,200
2007
588,000
175,000
43,000
720,000
36.30
$26,136,000
2008
521,000
224,000
42,000
703,000
36.50
$25,659,500
2009
493,000
245,000
37,000
701,000
38.00
$26,638,000
2010
508,000
238,000
37,000
709,000
41.00
$29,069,000

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions