1. [10marks] A company has introduced a process improvement that reduces processing time for each unit, so that output is increased by 25%, but one additional worker is required. Under the old process, five workers could produce 60 units per hour. Labor costs are $60/hour, and material input was previously $16/unit. For the new process, material is now $10/unit. Overhead is charged at 1.6 times direct labor cost. Finished products are sold at the same unit price. Is there a gain in the multifactor productivity due to this process improvement? If yes, by how much percentage