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at symtecks, the output of a specific process is valued at $100 per unit. the cost of labor is $50 per hour including benefits. the accounting department provided the following information about the process for the past four weeks:



Answer :

Multifactor productivity ratio for week 1 = 2.66, week 2 = 2.63, week 3 = 2.72 and week 4 = 2.73.

What is Multifactor productivity ratio?

While there are a few different ways to track productivity, multifactor productivity is one of the most popular and practical methods. Productivity tracking is an essential component of managing a business.

The ratio of production to labour, or labour productivity, is another common measure, but it ignores other elements that have an impact on business productivity as a whole. Using labour, capital, and material output as comparison points, a multifactor productivity ratio is calculated.

Labor is not the only element that influences productivity in the real world. Beyond labour, multifactor productivity also takes into account other elements like resources and capital. These factors are added together and listed as a ratio next to the output units.

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