Using the data in Extract E, calculate the percentage of the world’s top 25 exporting economies that have costs of production above those of the United Kingdom in 2014 - Edexcel - A-Level Business - Question 2 - 2018 - Paper 1
Question 2
Using the data in Extract E, calculate the percentage of the world’s top 25 exporting economies that have costs of production above those of the United Kingdom in 20... show full transcript
Worked Solution & Example Answer:Using the data in Extract E, calculate the percentage of the world’s top 25 exporting economies that have costs of production above those of the United Kingdom in 2014 - Edexcel - A-Level Business - Question 2 - 2018 - Paper 1
Step 1
Identify total number of countries as 25 as the denominator
96%
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Answer
To calculate the percentage, we first need to recognize that the total number of countries being considered is 25.
Step 2
Identify that 12 of the economies in the top 25 have an index value above that of the UK
99%
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Answer
From the data provided in Extract E, it can be determined that there are 12 economies with manufacturing costs that exceed those of the United Kingdom.
Step 3
Calculate the percentage of the index: 12/25 * 100
96%
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Answer
To determine the percentage of the top 25 exporting economies that have costs above the UK, we use the formula:
ext{Percentage} = rac{12}{25} imes 100 = 48\%
Thus, 48% of the top 25 exporting economies have manufacturing costs above those of the United Kingdom.
