A company has improved its production process. Under the old process, 19 workers could produce 4206...

A company has improved its production process. Under the old process, 19 workers could produce 4206 units per hours and the materials cost $53 per unit of output. Workers are paid $15 per hour and the finished product is sold for $126 per unit.

After the improvement, materials costs have been reduced by $12 per unit of output and it now takes 4 fewer workers to make the same amount of output.

What is the percentage change in multifactor productivity? (do not use a % sign, e.g. enter 50% as .5)

round to at least 5 decimal places

Expert Solution

The answer is 0.29265 i.e. the productivity change is 0.29265 or 29.265%.

Productivity is the rati of the total output in terms of $ to the total input in terms of $.

Calcualtions

per unit (optional) $126 $15 Period 1 Period 2 2 Output 3 Labor 4 Material 5 Multifactor 4206 19 $222,918 223203 4206 15 172671 Productivity Ratio 1.29 Productivity Change 0.29265 Period 1 Productivity Period 2 Productivity 9 0.0188 0.02 10

keosha answered 2 years ago

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