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Summary
Summary:
a. The current multifactor productivity for 640 work hours per month is 0.2568 loaves/dollar.
b. The current multifactor productivity for 800 work hours per month is 0.2130 loaves/dollar.
c. The percentage increase in productivity is 1.305%
The explanation of my answer is given below.
Explanation:
a.
Output = 1600
Wages = 640 × 8
= 5120
Reference:
https://www.chegg.com/homework-help/questions-and-answers/113-charles-lackey-operates-
bakery-idaho-falls-idaho-excellent-product-excellent-location--q4367880
https://www.chegg.com/homework-help/questions-and-answers/charles-lackey-operates-
bakery-idaho-falls-excellent-product-location-demand-increased-35--q7810193
https://www.coursehero.com/file/p66mrcgp/Because-of-its-excellent-product-and-excellent-
location-demand-has-increased-by/