Questions: Using Table 1, calculate per capita real (1988=100) disposable personal income in 2018. Enter your answer in dollars rounded to the nearest one dollar. Table 1. Population, CPI, Income, and Food Expenditure Data. Year Population CPI Disposable Personal Income At-Home Household Food Expenditures Away-From-Home Household Food Expenditures Total Household Food Expenditures --------------------- · millions (1988=100) ... billions , nominal . 1997 273 135.7 6,161 354 265 619 1998 276 137.8 6,574 364 278 642 1999 279 140.8 6,890 386 292 678 2000 282 145.6 7,416 405 313 718 2001 285 149.7 7,767 423 326 749 2002 288 152.1 8,107 428 334 762 2003 290 155.5 8,484 444 355 799 2004 293 159.7 8,986 466 382 848 2005 296 165.1 9,386 491 407 898 2006 298 170.4 10,025 515 434 949 2007 301 175.3 10,515 543 461 1,004 2008 304 182.0 10,935 564 478 1,042 2009 307 181.3 10,907 537 476 1,013 2010 309 184.3 11,314 538 489 1,027 2011 312 190.1 11,873 562 517 1,079 2012 314 194.1 12,501 582 542 1,124 2013 316 196.9 12,505 592 561 1,153 2014 318 200.1 13,207 625 587 1,212 2015 321 200.4 13,784 635 627 1,262 2016 323 202.9 14,203 650 655 1,305 2017 325 207.2 14,902 680 687 1,367 2018 327 212.3 15,767 709 733 1,442 2019 328 216.1 16,349 736 764 1,500

Using Table 1, calculate per capita real (1988=100) disposable personal income in 2018. Enter your answer in dollars rounded to the nearest one dollar. Table 1. Population, CPI, Income, and Food Expenditure Data. Year Population CPI Disposable Personal Income At-Home Household Food Expenditures Away-From-Home Household Food Expenditures Total Household Food Expenditures --------------------- · millions (1988=100) ... billions , nominal . 1997 273 135.7 6,161 354 265 619 1998 276 137.8 6,574 364 278 642 1999 279 140.8 6,890 386 292 678 2000 282 145.6 7,416 405 313 718 2001 285 149.7 7,767 423 326 749 2002 288 152.1 8,107 428 334 762 2003 290 155.5 8,484 444 355 799 2004 293 159.7 8,986 466 382 848 2005 296 165.1 9,386 491 407 898 2006 298 170.4 10,025 515 434 949 2007 301 175.3 10,515 543 461 1,004 2008 304 182.0 10,935 564 478 1,042 2009 307 181.3 10,907 537 476 1,013 2010 309 184.3 11,314 538 489 1,027 2011 312 190.1 11,873 562 517 1,079 2012 314 194.1 12,501 582 542 1,124 2013 316 196.9 12,505 592 561 1,153 2014 318 200.1 13,207 625 587 1,212 2015 321 200.4 13,784 635 627 1,262 2016 323 202.9 14,203 650 655 1,305 2017 325 207.2 14,902 680 687 1,367 2018 327 212.3 15,767 709 733 1,442 2019 328 216.1 16,349 736 764 1,500
Transcript text: Using Table 1, calculate per capita real $(1988=100)$ disposable personal income in 2018. Enter your answer in dollars rounded to the nearest one dollar. Table 1. Population, CPI, Income, and Food Expenditure Data. \begin{tabular}{|c|c|c|c|c|c|c|} \hline Year & Population & CPI & \begin{tabular}{l} Disposable \\ Personal \\ Income \end{tabular} & \begin{tabular}{l} At-Home \\ Household \\ Food \\ Expenditures \end{tabular} & \begin{tabular}{l} Away-From- \\ Home \\ Household \\ Food \\ Expenditures \end{tabular} & \begin{tabular}{l} Total \\ Household \\ Food \\ Expenditures \end{tabular} \\ \hline $\cdot$ & millions & $(1988=100)$ & & . . . billions & , nominal . . & \\ \hline 1997 & 273 & 135.7 & 6,161 & 354 & 265 & 619 \\ \hline 1998 & 276 & 137.8 & 6,574 & 364 & 278 & 642 \\ \hline 1999 & 279 & 140.8 & 6,890 & 386 & 292 & 678 \\ \hline 2000 & 282 & 145.6 & 7,416 & 405 & 313 & 718 \\ \hline 2001 & 285 & 149.7 & 7,767 & 423 & 326 & 749 \\ \hline 2002 & 288 & 152.1 & 8,107 & 428 & 334 & 762 \\ \hline 2003 & 290 & 155.5 & 8,484 & 444 & 355 & 799 \\ \hline 2004 & 293 & 159.7 & 8,986 & 466 & 382 & 848 \\ \hline 2005 & 296 & 165.1 & 9,386 & 491 & 407 & 898 \\ \hline 2006 & 298 & 170.4 & 10,025 & 515 & 434 & 949 \\ \hline 2007 & 301 & 175.3 & 10,515 & 543 & 461 & 1,004 \\ \hline 2008 & 304 & 182.0 & 10,935 & 564 & 478 & 1,042 \\ \hline 2009 & 307 & 181.3 & 10,907 & 537 & 476 & 1,013 \\ \hline 2010 & 309 & 184.3 & 11,314 & 538 & 489 & 1,027 \\ \hline 2011 & 312 & 190.1 & 11,873 & 562 & 517 & 1,079 \\ \hline 2012 & 314 & 194.1 & 12,501 & 582 & 542 & 1,124 \\ \hline 2013 & 316 & 196.9 & 12,505 & 592 & 561 & 1,153 \\ \hline 2014 & 318 & 200.1 & 13,207 & 625 & 587 & 1,212 \\ \hline 2015 & 321 & 200.4 & 13,784 & 635 & 627 & 1,262 \\ \hline 2016 & 323 & 202.9 & 14,203 & 650 & 655 & 1,305 \\ \hline 2017 & 325 & 207.2 & 14,902 & 680 & 687 & 1,367 \\ \hline 2018 & 327 & 212.3 & 15,767 & 709 & 733 & 1,442 \\ \hline 2019 & 328 & 216.1 & 16,349 & 736 & 764 & 1,500 \\ \hline \end{tabular}
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Solution

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Solution Steps

To calculate the per capita real disposable personal income in 2018, we need to follow these steps:

  1. Extract the necessary data from the table for the year 2018: population, CPI, and disposable personal income.
  2. Adjust the disposable personal income to 1988 dollars using the CPI.
  3. Calculate the per capita real disposable personal income by dividing the adjusted disposable personal income by the population.
Step 1: Extract Data for 2018

From the table, we have the following data for the year 2018:

  • Population: \( 327 \) million
  • CPI: \( 212.3 \)
  • Disposable Personal Income: \( 15767 \) billion dollars
Step 2: Adjust Disposable Income to 1988 Dollars

To adjust the disposable personal income to 1988 dollars, we use the formula: \[ \text{Real Disposable Income} = \text{Nominal Disposable Income} \times \left( \frac{\text{CPI}_{1988}}{\text{CPI}_{2018}} \right) \] Given: \[ \text{CPI}_{1988} = 100 \] \[ \text{CPI}_{2018} = 212.3 \] \[ \text{Nominal Disposable Income}_{2018} = 15767 \text{ billion dollars} \] Thus: \[ \text{Real Disposable Income}_{2018} = 15767 \times \left( \frac{100}{212.3} \right) \approx 7426.7546 \text{ billion dollars} \]

Step 3: Calculate Per Capita Real Disposable Personal Income

To find the per capita real disposable personal income, we divide the real disposable income by the population: \[ \text{Per Capita Real Income} = \frac{\text{Real Disposable Income}}{\text{Population}} \] Given: \[ \text{Population}_{2018} = 327 \text{ million} \] \[ \text{Real Disposable Income}_{2018} = 7426.7546 \text{ billion dollars} \] Thus: \[ \text{Per Capita Real Income}_{2018} = \frac{7426.7546 \times 10^9}{327 \times 10^6} \approx 22712 \text{ dollars} \]

Final Answer

\[ \boxed{22712 \text{ dollars}} \]

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