Solve the Problem. -Use the Rule of 70 to Estimate the Years to the Years

question 89

Multiple Choice

Solve the problem.
-Use the rule of 70 to estimate the years to double for an annual inflation rate of 6%.

• A)9 years
• B)13 years
• C)12 years
• D)14 years

---

Definitions:

Labour Hours

The total amount of working time expended by employees in the production of goods or services, measured in hours.

Economic Profit Maximising

The process of adjusting the production and sale of goods and services to achieve the highest possible economic profit.

Marginal Revenue Function

A mathematical representation of the change in total revenue resulting from the sale of one additional unit of a product or service.

Marginal Cost Function

A mathematical representation that shows the change in total cost associated with producing one additional unit of output.