Question: Long Beach Bank employs three loan officers, each working eight hours per day. Each officer processes an average of five loans per day. The banks

Long Beach Bank employs three loan officers, each working eight hours per day. Each officer processes an average of five loans per day. The bank’s payroll cost for the officers is $820 per day, and there is a daily overhead expense of $500.

The bank is considering the purchase of new computer software for the loan operation. The software will enable each loan officer to process eight loans per day, although the overhead expense will increase to $850.

c. Compute the new labor productivity.

d. Compute the new multifactor productivity.

e. Should the bank proceed with the purchase of the new software? Explain.

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