Problem 3: (30 points) A company has introduced a process improvement that reduces processing time for each unit, so that output is increased and material used decreased, but one additional worker required. Finished units sell for $31 each. Comparison of old and new process is provided below: Process No. of Units produced Labor cost Material Overhead cost Workers per hour Old 5 100 $25 $16 /unit 1.6 * Lab cost per hour cost New 6 125 $25 $10 /unit 1.6 * Lab cost i. a. Find multi factor productivity of the old process and explain your answer. (3 + 1 points) Productivity in terms of Dollar value of output per dollar input for each hour ii. (3 + 1 points) Productivity in terms of Units of output per dollar input for each hour b. Find multi factor productivity of the new process and explain your answer. (6 points) (3 + 1 points) Productivity in terms of Dollar value of output per dollar input for each hour ii. (3 + 1 points) Productivity in terms of Units of output per dollar input for each hour i. c. (2,2 points) What increase in productivity is associated with the process improvement? Calculate Productivity Growth (for both parts and ii) and explain your