Question

2009-2018 (1.567 per year) growth rate 9ii. Using the average growth rate that you just calculated, estimatehow many jobs there were in 2017.

Answer 1

The growth in the years 2009-2018 is 0.3

We know that at in 2018 there were 14.1 jobs, and in 2009 11.4

We need to take the diference of jobs between 2009 and 2018.

Then: 14.1 - 11.4 = 2.7

That's the total growth in the period. To know the anual average rate, we divide this quantity by the number of years.

2018 - 2009 = 9

Then the growth rate is:

`(2.7)/(9)=0.3`

Now to solve ii, we need to estimate the jobs in 2017.

The growth rate tell us how much the jobs varies in a year, then we can multiply the amount of years between 2009-2017 by the rate, then add that amount to the base jobs that were in 2009

2017 - 2009 = 8

`0.3\cdot8=2.4`

This means, in the years between 2009-2017 the amount of jobs vary in 2.4 jobs. But to know the total, we need to count the jobs that already existed in 2009. Then we add them:

`11.4+2.4=13.8`

The answer is 13.8 jobs in 2009