Write the Percent as a Simplified Fraction

question 2

Short Answer

Write the percent as a simplified fraction.
There was a 13.2 percent increase in the use of electricity.

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Definitions:

Factor's Price

The payment for the use of a factor of production, such as wages for labor, rent for land, or interest on capital.

Value of the Marginal Product

The additional revenue generated from employing one more unit of a factor of production.

Total Revenue

The sum of income a company earns from selling products or providing services before deducting any costs.

Value of the Marginal Product

The additional revenue a firm receives from hiring one more unit of input, like labor, in the production process.