Answered Essay: As part of a study for the Department of Labor Statistics. You are assigned the task of

T-Mobile LTE 9:53 AM 1 Aspat of a st the improvement in productivity of small businesses. Data for one of the small businesses you are toevaluate snom, below The data are the montey average of last year and the monthly average this year. Determine the multfactor productivity using the following costs (15 pts) . labor $8 per hour for the Department of Labor Statistics, you are assigned the task of evaluating at 083% month of nvestment BTU energy: S60 Average Production (daren) 15001,500 350 325 Labor (hours) Cape Investment (S) Energy (BTU) 15,000 3,000 18,000 2,750

As part of a study for the Department of Labor Statistics. You are assigned the task of evaluating the improvement in productivity of small businesses. Data for one of the small businesses you are to evaluate is shown below. The data are the monthly average of last year and the monthly average this year. Determine the multifactor productivity using the following costs. labor: $8 per capital: 0.83% per month of investment energy: $ 60 per BTU

Expert Answer

Total cost of any year , $

= Labor rate / hour( $8/ hour) x Labor hours + 0.83/100 x Capital Investment + $60/BTU x Energy ( BTU)

= 8 x Labor hours + 0.0083 x Capital investment + 60x Energy (BTU)

Thus Total cost last year , $

= 8 x 350 + 0.0083×15000 + 60 x 3000

= 2800 + 124.5 + 180000

= 182924.5

Total cost this year , $

= 8 x 325 + 0.0083 x 18000 + 60 x 2750

= 2600 + 149.4 + 165000

= 167749.4

Therefore,

Multifactor productivity last year

= 1500 dozens/ Total cost

= 1500 x 12 / 182924.5

= 18000 / 182924.5

= 0.0984 units per $

Multifactor productivity this year

= 1500 dozens / 167749.4

= 18000/ 167749.4

= 0.1073 units per $

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