Question
The data below is the total spending (in millions of dollars) on drugs and other non-durable products for your assigned state (or DC). You need
The data below is the total spending (in millions of dollars) on drugs and other non-durable products for your assigned state (or DC). You need to convert this data to spending per capita in constant 2020 dollars.
Go to the FRED database at https://fred.stlouisfed.org/
Search for the PCEPI. Change the frequency to annual. Using that price index (this is a national index; there isn't a PCE index for each state), convert the following to 2020Q3 dollars.
Again using the FRED database, find the population for your state. The symbol is usually the two letter abbreviation for the state and POP. New York, for example, would be NYPOP.
Using this information, covert the spending below into spending per capita, in 2020Q3 dollars. Keep in mind that the values below are in millions of dollars and you want your answers in dollars. Enter your results for the years 1991, 2001, 2011, and 2014 only.
1991 1189
1991 1225
1991 1272
1991 1360
1991 1464
1991 1581
1991 1758
1991 1918
1991 2222
1991 2528
1991 2807
1991 3080
1991 3417
1991 3684
1991 4019
1991 4344
1991 4713
1991 4989
1991 5397
1991 5496
1991 5574
1991 5643
1991 5502
1991 5841
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