Using & Understanding Mathematics: A Quantitative Reasoning Approach (7th Edition)

7th Edition

ISBN: 9780134705187

Author: Jeffrey O. Bennett, William L. Briggs

Publisher: PEARSON

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Chapter 3.B, Problem 69E

Personal Consumption. The Bureau of Economic Analysis estimates that in 2015, personal consumption expenditures of Americans totaled $12.3 trillion. The major categories of these expenditures were durable goods ($1.36 trillion; for example, cars, furniture, recreational equipment), nondurable goods ($2.66 trillion; for example, food, clothing, fuel), and services ($8.3 trillion; for example, health care, education, transportation).

a. What was the approximate annual per capita spending on personal consumption? Assume a population of 321 million.

b. What was the approximate daily per capita spending on personal consumption?

c. On average, about what percentage of personal consumption spending was devoted to services? Is this figure consistent with your own spending?

d. Spending on health care was estimated to be $2.1 trillion. About what percentage of all personal consumption spending was devoted to health care?

e. In 2000, the total spending on personal consumption was $6.8 trillion, while health care spending was $918 billion. Compare the percentage increase in total spending and health care spending between 2000 and 2015.

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Chapter 3.B, Problem 68E

Chapter 3.B, Problem 70E

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Chapter 3 Solutions

Using & Understanding Mathematics: A Quantitative Reasoning Approach (7th Edition)

Ch. 3.A - The price of a meal at a four-star restaurant is...Ch. 3.A - The population of a town increases from 50,000 to...Ch. 3.A - Suppose the value of a home changed by -20% over...Ch. 3.A - Emily scored 50% higher on the SAT than Joshua....Ch. 3.A - The price of a movie ticket increased from $10 to...Ch. 3.A - Your receipt shows that you paid $47.96 for a new...Ch. 3.A - Consider this statement: “The interest rate on...Ch. 3.A - A friend has a textbook that originally cost $150....Ch. 3.A - You currently earn $1000 per month, but you are...Ch. 3.A - During high school, Elise won 30% of the swim...

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