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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Nondurable goods spending = $400 million, durable goods spending = $300 million, new residential housing spending = $200 million, and spending on services = $500 million. What does consumption equal?

To determine

Estimate the consumption value.

Explanation

The spending value of nondurable goods is $400 million, durable goods spending are $300 million, new residential housing spending is $200 million, and spending on goods and services is $500. Then, the value of consumption can be calculated using the following formula:

In this case, the new residential housing spending is not the part of consumption, it is the part of consumption.

Consumption=Nondurable goods+Durable goods+

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