Just need help with requirement 1 please show the full solutions thanks so much and have a nice day!

Company manufactures wallets from fabric. In 2021, Goetz made 2,700,000 wallets using 1,825,000 metres of fabric. In 2022, Goetz plans to make 2,322,000 wallets and wants to make fabric use more efficient. At the same time, Goetz wants to reduce capacity; capacity in 2021 was 3,200,000 wallets at a total cost of $9,600,000. Goetz wants to reduce capacity to 3,050,000 wallets, at a total cost of $8,540,000 in 2022. Suppose that in 2022 Goetz makes 2,322,000 wallets, uses 1,647,000 metres of fabric, and reduces capacity to 3,050,000 units and costs to $8,540,000. Assume the fabric costs $4.4 per metre in 2022 and $4.55 per metre in 2021.

Required

1. Compute Goetz Company's total factor productivity (TFP) for 2022.

2. Compare TFP for 2022 with a benchmark TFP for 2021 inputs based on 2022 output.

3. What additional information does TFP provide that partial productivity measures do not?

Requirement 1. Compute Goetz Company's total factor productivity (TFP) for 2022.

Determine the formula for the total factor productivity (TFP) for 2022, and then calculate the ratio. (Round the ratio to four decimal places.)

TFP for 2022 =	Qty. of output produced in 2022
using 2022 prices	Costs of inputs used in 2022 based on 2022 prices

?		=		units of output per
?				dollar of input