Consider a division of Miller Chemicals that produces water purification crystal

Question

Consider a division of Miller Chemicals that produces water purification crystals for swimming. The major inputs used in the production process are labor, raw materials, and energy. For year 1, the labor costs are $280,000; raw materials cost $30,000; and energy cost amount to $15,000. Labor costs for Year 2 are $320,000; raw materials cost $40,000, and energy costs amount to $9,000. Miller chemical produced 100,000 pounds of crystal in Year 1 and 150,000 pounds of crystal in Year 2. What is the multi-factor productivity for the Miller Chemicals in year 1 and 2?

Explanation / Answer

Consider a division of Miller Chemicals that produces water purification crystal

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