Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
(7) The Bureau of Labor Statistics conducts an annual survey to study how Americans spend their income. This is called the Consumer Expenditure Survey. (An
(7) The Bureau of Labor Statistics conducts an annual survey to study how Americans spend their income. This is called the Consumer Expenditure Survey. (An expenditure is something you spend money on.) The results from the 2020 Consumer Expenditure Survey* are summarized in the diagram below. You will use this information in Collaboration 1.4. Diagram showing the 2020 Consumer Expenditure Survey, indicating the following: Circular chart showing how average household income of 84352 is spent. Average annual income = 84352. Average annual expenditures = 61334. Food at home = 4942. Food away from home = 2375. Housing (Shelter) = 12603. Housing (utilities) = 4158. Housing (operations) = 4648. Apparel = 1434. Transport (vehicle purchase) = 4523. Transport (gas etc) = 5039. Transport (public) = 263. Healthcare = 5177. Entertainment = 2912. Personal care = 646. Reading and education = 1385. Insurance and pension = 7426. Other = 3983. Use the information in the diagram to answer the following questions: (a) What is the average annual household income
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started