As part of a study for the Department of Labor Statistics, you are assigned the task of

Question:

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 hour
Capital .83% per month of investment
Energy $.60 per BTU
As part of a study for the Department of Labor

Last year, the multifactor productivity was ___ dozen/$ (round three decimal places)
This year, the multifactor productivity is ____dozen/$ (round three decimal places)
The percent change in productivity for the monthly average last year versus the monthly average this year on the multifactor basis with dollars are the common denominator is 7.6% (round to one decimal place)

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Statistics For Business And Economics

ISBN: 9780538481649

11th Edition

Authors: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams

Question Posted: