3. A furniture manufacturing company working on a 40 -hour week makes 100 chairs. The sales price is 70 each, and the company has the following costs: - Direct materials: 700 - Direct labor: 300 - Overhead: 500 a) Calculate the multifactor productivity of the company in terms of monetary value of output. b) If the company decides to improve productivity through materials cost reduction only, how much must these costs be reduced in order to achieve a 10% increase in total productivity? c) If the company repeats the same exercise in part c), but through labor cost reduction, how much must these costs be reduced in order to achieve a 10% increase in total productivity