Question: Question 3 a. Define productivity. b. Compare single factor productivity measure with total factor productivity measure. c. What do we mean when we say productivity

Question 3 a. Define productivity. b. Compare

Question 3 a. Define productivity. b. Compare single factor productivity measure with total factor productivity measure. c. What do we mean when we say productivity is a relative measure? d. Various financial data for the past two years follow. Calculate the total factor productivity and the single-factor productivity measures for labor, capital, and raw materials for this company for both years. What do these measures tell you about this company? Last Year This Year Output: Sales $201,005 $202,015 Inputs: Labor $30,010 $40,010 Raw materials $34,775 $44,785 Energy $4,870 $5,890 Capital $49,700 $49,700 Other $1,870 $3,005

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