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The value of `g` or acceleration due to gravity on the earth`s surface can be calculated using the formula g = GM/r^2, where G is the gravitational constant, M is the mass of the earth, and r is the radius of the earth.
Option 1 and 3 suggest decreasing values for `g`, which is not possible, as the mass `M` remains the same, but the radius `r` is decreasing, which should increase the value of `g` (as they are inversely proportional).
Option 2 suggests that `g` will increase by 2%. This is because the formula is inversely related to the square of the radius. So, if you decrease the radius by 1%, the effect on `g` will be roughly double that.
Option 4 suggests a decrease of 2% which contradicts the inverse relationship in the formula.
Remember, only an approximate value is considered in this question. The actual value might differ due to external factors not considered here.