Write the Word or Phrase That Best Completes Each Statement

question 130

Essay

Write the word or phrase that best completes each statement or answers the question.
Use the Principle of Mathematical Induction to show that the statement is true for all natural numbers n.
- $$3 + 3 \cdot \frac { 1 } { 7 } + 3 \cdot \left( \frac { 1 } { 7 } \right) ^ { 2 } + \ldots + 3 \cdot \left( \frac { 1 } { 7 } \right) ^ { n - 1 } = \frac { 3 \left( 1 - \left( \frac { 1 } { 7 } \right) ^ { n } \right) } { 1 - \frac { 1 } { 7 } }$$

---

Definitions:

Fastest Growing

Referring to entities, such as industries or economies, that experience the most rapid expansion in terms of revenue, size, or influence within a specific period.

Elasticity

An indicator of the degree to which the demand or supply of a product fluctuates following a variation in its price.

Resource Demand

The desire and ability of consumers or firms to acquire specific quantities of resources at various prices.

Marginal Revenue Product

The increased earnings resulting from the application of an extra unit of a resource, such as capital or labor.