Goetz Company manufactures wallets from fabric. In 2016, Goetz made 2,160,000 wallets using 1,600,000 yards of fabric. In 2016, Goetz has capacity to make 2,448,000 wallets and incurs a cost of $8,568,000 for this capacity. In 2017, Goetz plans to make 2,203,200 wallets, make fabric use more efficient, and reduce capacity. Suppose that in 2017 Goetz makes 2,203,200 wallets, uses 1,440,000 yards of fabric, and reduces capacity to 2.295,000 wallets at a cost of $6,655,500. Assume the fabric costs $4.20 per yard in 2017 and $4.40 per yard in 2016. Read the requirements Reference Requirement 1. Compute Goetz Company's total factor productivity (TFP) for 2017 To assist you, use the popup to identify the various components of the formula (Click to view the components you will use in your formulas.) A Cost of capacity in 2016 E Costs of inputs used in 2017 based on 2017 prices F Qty of output produced in 2016 G Qty of output produced in 2017 B Cost of capacity in 2017 C Costs of inputs used in 2016 at 2017 output and prices D Costs of inputs used in 2017 based on 2016 prices Determine the formula for the total factor productivity (TFP) for 2017, then calculate the ratio. (Round the ratio to four decimal places.) TFP for 2017 using 2017 prices units of output per dollar of input Requirement 2. Compare TFP for 2017 with a benchmark TFP for 2016 inputs based on 2017 prices and output. To assist you, use the popup to identify the various components of the formula. (Click to view the components you will use in your formulas.) Print Done Begin by determining the formula used to calculate the benchmark TFP for 2016 inputs based on 2017 output, then complete the calculation. (Round the ratio to four decimal places.) Benchmark TFP units of output per dollar of input (Round the percentage to the nearest tenth percent, X.X%.) The total factor productivity by % from 2016 to 2017 Requirement 3. What additional information does TFP provide that partial productivity measures do not? Vand so measures gains from using fewer physical inputs and substitution among inputs. Partial productivities be combined to indicate the overall effect on cost as a result of A major advantage of TFP over partial productivity measures is that TFP these individual improvements