Garbino Company manufactures wallets from fabric, In 2016, Garbino made 2,160,000 wallets using 1,600,000 yards of fabric. Garbino has the capacity to make 2,448,000 wallets and incurs a cost of $7,344,000 for this capacity. In 2017, Garbino plans to make 2,203,200 wallets, make fabric more efficient, and reduce capacity.

Suppose that in 2017 Garbino makes 2,203,200 wallets, uses 1,440,000 yards of fabric, and reduces capacity to 2,295,000 wallets at a cost of $7,114,500. Assume the fabric costs $4.40 per yard in 2017 and $4.60 per yard in 2016.

Requirement 1. Compute Garbino Company's total factor productivity (TFP) fo 2017.

Requirement 2. Compare TFP for 2017 with a benchmark TFP for 2016 inputs bases on 2017 prices and output, then complete the calculation.

Please show work!!!