Using the given information, determine the current and expected single-factor and total productivity measures. Do not round intermediate calculations. Round your answers to three decimal places. Productivity Current (this year) Expected (next year) Labor Energy Material haircuts/dollar haircuts/dollar haircuts/dollar haircuts/dollar haircuts/dollar haircuts/dollar .28 3 haircuts/dollar Total haircuts/dollar What is the percentage change in total productivity? Do not round intermediate calculations. Round your answer to two decimal places.

Using the given information, determine the current and expected single-factor and total productivity measures. Do not round intermediate calculations. Round your answers to three decimal places. Productivity Current (this year) Expected (next year) Labor Energy Material haircuts/dollar haircuts/dollar haircuts/dollar haircuts/dollar haircuts/dollar haircuts/dollar .28 3 haircuts/dollar Total haircuts/dollar What is the percentage change in total productivity? Do not round intermediate calculations. Round your answer to two decimal places.

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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Question

Cindy Jo's Hair Salon is concerned about its rising costs of supplies, energy, and labor, so it is considering investing in better equipment, which hopefully will reduce the time required to perform most hairstyles as well as result in better perceived quality by
its customers. It predicts that the added investment will increase output levels as well as reduce energy costs, since some of the new equipment (hair dryers) use less electricity.
Labor
Energy
Material
Total
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investment
Using the given information, determine the current and expected single-factor and total productivity measures. Do not round intermediate calculations. Round your answers to three decimal places.
Productivity Current (this year)
haircuts/dollar
Ⓡ
Incorrect
haircuts/dollar
Ⓡ
haircuts/dollar
.28 €
haircuts/dollar
Expected (next
year)
Ⓡ
haircuts/dollar
haircuts/dollar
Ⓡ
Inputs and Current (this Expected (next
Outputs
year)
year)
Hairstyles per
280
320
Labor costs per
$970
$1,020
M
Energy costs per
$420
$375
Material costs
$320
$340
$0
haircuts/dollar
.28
haircuts/dollar
week
week
week
per week
Capital
What is the percentage change in total productivity? Do not round intermediate calculations. Round your answer to two decimal places.
5.73%
$14,000
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Step 1: Define Total Productivity

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Step 2: Determine the current and expected single-factor productivity

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Step 3: Calculate the Total Productivity Measure

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Step 4: Calculate Percentage Change in Total Productivity

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