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3. A manufacturing company produces widgets using labor, capital, and raw materials as inputs. The company wants to calculate its multi-factor productivity for a specific
3. A manufacturing company produces widgets using labor, capital, and raw materials as inputs. The company wants to calculate its multi-factor productivity for a specific production run. Here's the relevant data: - Total Labor Cost: $20,000 - Total Capital Cost: $50,000 - Total Raw Material Cost: $10,000 - Total Output (in units): 5,000 widgets A. Calculate the multi-factor productivity for this production run. B. If the company wishes to increase its multi-factor productivity by 10%, how much should the total output increase while keeping the inputs constant
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