While labor productivity refers specifically to the ratio of output per labor unit, multifactor productivity involves...

While labor productivity refers specifically to the ratio of output per labor unit, multifactor productivity involves more of a big picture perspective. This type of productivity measures economic performance by comparing total production to total inputs that were used in production.

Go to the U.S. Department of Labor, Bureau of Labor Statistics, and review the section on Multifactor Productivity.

Please provide the following information:

Explain what is meant by "MFP is also developed for 2- and 3-digit Standard Industrial Classification (SIC) manufacturing industries, the railroad transportation industry, the air transportation industry, and the utility and gas industry."
What can be learned from these comparative statistics?

In your own words, write a multiparagraph analytical response. Provide citation and references. Do not simpy copy and paste information from sources.

Expert Solution

Rahul Sunny answered 1 month ago

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