The real (inflation-adjusted) value of a country\'s manufacturing output and rel

Question

The real (inflation-adjusted) value of a country's manufacturing output and related manufacturing employment is provided in the table below:

(a) How many manufacturing jobs were lost between 2000 and 2013?    

Instructions: Enter your responses as a positive whole number (do not include a (-) negative sign).



(b) How much did output decrease?

$  billion

(c) What was average manufacturing productivity (output per worker) in

(i) 2000?

Instructions: Enter your responses rounded to two decimal places.

$

(ii) 2013?

$

Explanation / Answer

(a) Calculate manufacturing jobs lost between 2000 and 2013 -

Manufacturing jobs lost = Employment in 2000 - Employment in 2013

                                  = 17,221,000 - 11,982,000

                                  = 5,239,000

5,239,000 jobs were lost between 2000 and 2013.

(b) Calculate decrease in output between 2000 and 2013 -

Decrease in output = Output in 2000 - Output in 2013

                            = $5,876 billion - $2,068 billion

                            = $3,808 billion

Output has decreased by $3,808 billion.

(c) (i) Calculate average manufacturing productivity (output per worker) in 2000 -

Output per worker = Total output/Total employment = $5,876 billion/17,221,000 = $341,211.31

The average manufacturing productivity in 2000 was $341,211.31

(ii) Calculate average manufacturing productivity (output per worker) in 2013 -

Output per worker = Total output/Total employment = $2,068 billion/11,982,000 = $172,592.22

The average manufacturing productivity in 2013 was $172,592.22

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.