Ononot — A firm's production follows a Cobb-Douglas model P = 100L^{0

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Real-World Applicationshard

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A firm's production follows a Cobb-Douglas model $P = 100L^{0.75}K^{0.25}$ . If labor $L$ increases by $4\%$ and capital $K$ increases by $8\%$ , what is the approximate percentage increase in total production $P$ ?