As part of a study for the Department of Labor Statistics. You are assigned the task of evaluating the improvement in productivity of small businesses. Data for one of the small businesses you are to evaluate is shown below. The data are the monthly average of last year and the monthly average this year. Determine the multifactor productivity using the following costs. labor: $8 per capital: 0.83% per month of investment energy: $ 60 per BTU
Total cost of any year , $
= Labor rate / hour( $8/ hour) x Labor hours + 0.83/100 x Capital Investment + $60/BTU x Energy ( BTU)
= 8 x Labor hours + 0.0083 x Capital investment + 60x Energy (BTU)
Thus Total cost last year , $
= 8 x 350 + 0.0083×15000 + 60 x 3000
= 2800 + 124.5 + 180000
= 182924.5
Total cost this year , $
= 8 x 325 + 0.0083 x 18000 + 60 x 2750
= 2600 + 149.4 + 165000
= 167749.4
Therefore,
Multifactor productivity last year
= 1500 dozens/ Total cost
= 1500 x 12 / 182924.5
= 18000 / 182924.5
= 0.0984 units per $
Multifactor productivity this year
= 1500 dozens / 167749.4
= 18000/ 167749.4
= 0.1073 units per $
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