Question

The pipe fitting industry had 546.5 thousand jobs in 2015 and is expected to decline at an average rate of 3 thousand jobs per year from 2015 to 2025. Assuming this holds true, what will be the pipe fitting's percent change from 2015 to 2025

Answer 1

Answer:

The amount of jobs from fitting industry shall decline in 5.5 percent from 2015 to 2025.

Step-by-step explanation:

Due to the assumption of a yearly average rate, a linear function model shall be used. The expected amount of jobs ($n$) after a certain amount of years (t) is given by the following formula:

$n = n_{o} + \frac{\Delta n}{\Delta t}\cdot t$

Where:

$n_{o}$ - Initial amount of jobs in pipe fitting industry, measured in thousands.

$\frac{\Delta n}{\Delta t}$ - Average yearly rate, measured in thousands per year. (A decline is indicated by a negative sign)

If $n_{o} = 546.5$, $t = 2025-2015 = 10\,years$ and $\frac{\Delta n}{\Delta t} = -3\,\frac{1}{years}$, then:

$n = 546.5+\left(-3\,\frac{1}{year}\right)\cdot (10\,years)$

$n = 516.5$

The percent change in jobs from pipe fitting industry is calculated as follows:

$\%n = \left(1-\frac{n}{n_{o}}\right)\times 100\,\%$

$\% n = \left(1-\frac{516.5}{546.5}\right)\times 100\,\%$

$\%n = 5.5\,\%$

The amount of jobs from fitting industry shall decline in 5.5 percent from 2015 to 2025.