Martin Manufacturing has implemented several programs to improve its productivity. They have asked you to evaluate the firm's productivity by comparing this year's performance with last year's.
|
Last Year
|
This Year
|
|
Output
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10,500 units
|
12,100 units
|
|
Labor Hours
|
12,000
|
13,200
|
|
Utilities
|
$7,600
|
$8,250
|
|
Capital
|
$83,000
|
$88,000
|
The following data are available: (Keep 2 decimal places for intermediate and final results)
Calculate the total factor productivity for each year.
Has Martin Manufacturing improved its productivity during the past year? What is the percent change in productivity?