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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 $10/br) and 30 line workers (each working 25 hours per week at a wage of $15/hr). The business has capital expenses of $18,500 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 10%. Also, the number of field workers was cut short by 10% whereas line workers were 10% more recruited. Both field and line workers were given a raise of 6% and 8%, respectively. Due to the above-mentioned changes, the new system reported to have an 7% more output than the old system. You will need the following formulas: [Weekly output] Labor productivity = [Weekly total labor cost] Multifactor productivity = [Weekly output) [Weekly total labor cost+Weekly capital expenses] After copying the table below into Excel, solve the following questions and fill the table % CHANGE NEW SYSTEM ? -0.10 0.06 ? OLD SYSTEM 60 40 10 ? 30 25 15 ? ? 0.10 ? 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 18500 0.10 0.07 ? ? ? ? ? ? ? 325000 ? ? ? ? 1. Calculate the Total Input Cost for Old and New systems (Labor cost + capital expense) (2 pts) 2. Calculate the Capital Expenditure and Output of the new system (2 pts) 3. 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) 4. 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) 5. Calculate the percentage changes in labor and multifactor productivity. (3pts)