What is the compound interest on investing $600 for 3 years at 7% per annum?
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Answer:
0.266 percent
Step-by-step explanation:
With labor increasing by 1 percent, we are to find how much level of production would also increase given the coubglas function in the question.
Level of production = ∆Q/Q
We differentiate the function Q with respect to Labour, L.
∆Q/∆L = 0.266Q/L
∆Q/Q = 0.266∆L/L
∆L/L = 1
∆Q/Q x 100 = 1 *0.266
= 0.266%
Please refer to the attachment
