Question

The utility industry had 428.5 thousand jobs in 2010 and is expected to decline at an average rate of 3 thousand jobs per year from 2010 to 2020. Assuming this holds true, what will be the utility’s percent change from 2010 to 2020?

Answer 1

Answer:

Utility's percent Change from 2010 to 2020 = 7%

Step-by-step explanation:

Jobs available at the utility industry in 2010= 428.5 thousand

Average rate of decline = 3 thousand

Years between 2010 and 2020

Utility's percent Change from 2010 to 2020 = Total change in jobs / jobs in 2010 × 100

Total change in jobs:

There are 10 years between 2010 and 2020

Jobs decline at an average of 3 thousand per year

Total change in jobs= 10 years × 3 thousand

= 30 thousand

Utility's percent Change from 2010 to 2020 = Total change in jobs / jobs in 2010 × 100

= 30 thousand / 428.5 thousand × 100

= 0.07 × 100

= 7%

Utility's percent Change from 2010 to 2020 = 7%