The Econ family spent $38 on movies last month. If the price indox is 97.4, calculate real move spending. (3 significant digits in answer, 5 sign not needed)

Question

23-12-2023
Computers and Technology

High School

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The Econ family spent $38 on movies last month. If the price indox is 97.4, calculate real move spending. (3 significant digits in answer, 5 sign not needed)

Answer :

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singhaman8499 singhaman8499 · Answer 1 · 2023-11-02T23:33:15-04:00

Final answer:

To calculate the real movie spending, you use the formula Real spending = Nominal spending / (Price Index / 100). When you plug in the given values (38 for nominal spending and 97.4 for the price index), the answer is 39.017. Limiting the answer to 3 significant digits, the real spending is 39.0.

Explanation:

The real movie spending can be calculated by taking the nominal spending (in this case, what the Econ family actually spent) and adjusting it using the price index. The price index represents the relative value of money, so a price index of 97.4 means that a dollar in real terms is worth slightly more than a dollar in nominal terms.

Real Spending is determined by the formula: Real spending = Nominal spending / (Price Index / 100). Here, nominal spending is $38, and the price index is 97.4.

Substitute these values and calculate, you get: Real spending = 38 / (97.4/100) = 39.017, but limited to 3 significant digits would be 39.0.

So, the Econ family spent roughly $39 in real terms on movies last month, which is slightly more than they nominally spent because the dollar was worth more in real terms.

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