Question

Say a certain manufacturing industry has 63. 1 thousand jobs in 2008, but is expected to decline at an average annual rate of 1. 7 thousand jobs per year from 2008 to 2018. Assuming this holds true, what will be this industry’s percent change from 2008 to 2018? a. 70% b. -27% c. -17% d. -75% Please select the best answer from the choices provided A B C D.

Answer 1

Manufacturing units and industries are the establishments that produce goods and commodities and requires skilled and trained employees for doing the work. The employment rate can increase or decrease depending upon the job requirements.

27% will be the percentage change from 2008 to 2018.

How to estimate percentage change?

Given,

• Number of jobs in 2008 = 63.1 thousand
• Jobs declines  per year at the rate of = 1.7 thousand

Step 1: Number of jobs during the period of 2008 to 2018 that is in 10 years:

$({63.1 \;\rm thousand }- 10 \text{\;years}) \times 1.7 \text{\;thousand per year} = 46 \;\rm thousands$

Step 2: Percentage change can be estimated as:

$\begin{aligned} \% \rm change &= \dfrac{\text{Number of jobs in 2008} - \text{Number of jobs in 2018} \times 100}{\text{Jobs in 2008}}\\\\ \% \rm change &= \dfrac{63.1 \;\rm thousand - 46 \;\rm thousand}{63.1 \;\rm thousand} \times 100\\ \\ \% \rm change &= 27.09 \%\end{aligned}$

Therefore, option b. the percentage change  is 27 %.

Learn more about percentage change here:

https://brainly.com/question/4533561