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Question Set 2. For this question set, you will calculate labor productivity and multifactor productivity, both in tons of rice produced per dollar value of inputs. A Rice Manufacturer employs 60 field workers (each working 40 hours per week at a wage of $12/hr) and 20 line workers (each working 40 hours per week at a wage of $22/hr). The business has capital expenses of $17,500 per week and produces 325,000 tons of rice per week. Recently, the company decided to invest on additional equipment which increased the capital expenses by 8%. Also, the number of field workers was cut short by 10% whereas line workers were 5% more recruited. Both field and line workers were given a raise of 10% and 8%, respectively. Due to the above-mentioned changes, the new system reported to have an 8% more output than the old system. You will need the following formulas: Labor productivity = Multifactor productivity = After copying the table below into Excel, solve the following questions and fill the table % CHANGE -0.10 NEW SYSTEM ? 0.10 ? 0.05 ? OLD SYSTEM 60 40 12 ? 20 40 22 ? ? 17500 325000 ? 0.08 Number of Field workers Hours Wages Total cost for field workers Number of Line workers Hours Wages Total cost for line workers TOTAL LABOR COST Capital expenditure Output LABOR PRODUCTIVITY MULTIFACTOR PRODUCTIVITY % CHANGE FOR LABOR PRODUCTIVITY % CHANGE FOR MULTIFACTOR PRODUCTIVITY ? ? ? ? 0.08 0.08 ? ? ? ? ? ? Calculate the Total Input Cost for Old and New systems (Labor cost + capital expense) (2 pts) Calculate the Capital Expenditure and Output of the new system (2 pts) Calculate labor productivity including all employees (line workers & field workers) for the old and new systems, in tons of output per dollar of input. (4pts) Calculate the multifactor productivity (including line workers, field workers, and capital expenses) for the old and new systems, in tons of output per dollar of input. (4pts) Calculate the percentage changes in labor and multifactor productivity. (3pts)