VeritasKarishma wrote:
ronr34 wrote:
Anyone did this without picking numbers?
Yes, you can do it using the successive percentage change concept too.
Number of unemployed construction workers = Number of Construction Workers * Unemployment rate
If there is a change in the number of construction workers and unemployment rate, we can find the change in the number of unemployed construction workers.
Number of construction workers is 20% greater i.e. 6/5 of previous value
Unemployment rate reduces from 16 to 9 i.e. becomes 9/16 of previous value
Multiplier for number of unemployed construction workers = 6/5 * 9/16 = 27/40
This is a reduction of 13/40 which is a little more than 30%.
For more on this concept, check:
http://www.veritasprep.com/blog/2011/02 ... e-changes/http://www.veritasprep.com/blog/2011/02 ... nt-profit/Quote:
Can you please elaborate more on " Unemployment rate reduces from 16 to 9 i.e. becomes 9/16 of previous value"
I didnt understand this part
How do you find the number of unemployed workers?
No of unemployed = No of workers * Unemployment rate
So say when the rate was 16%,
No of unemployed = No of workers * (16/100)
But now the unemployment rate has become 9%
New No of unemployed = New no of workers * (9/100)
Or in other words, new unemployment rate = (9/16) of previous Unemployment rate = (9/16) * (16/100) = (9/100)
Do check out the posts I mentioned above.
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Karishma
Veritas Prep GMAT Instructor
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