A farmer grows two crops lettuce and beans the farmer uses

Reference no: EM13609397

A farmer grows two crops: lettuce and beans. The farmer uses three inputs: labor, seed, and fertilizer. The past prices and the quantities of each are given in the following tables: Physical Quantities Past Last This Inputs/outputs Prices Year Year Outputs: Lettuce $1500/ton 500 tons 600 tons Beans $1300/ton 200 tons 100 tons Inputs: Labor $10/hour 1,000 hrs. 1,200 hrs. Seeds $12/pound 300 lbs. 320 lbs. Fertilizer $500/ton 10 tons 12 tons

Required:

a. Calculate productivity measures for last year and this year using past prices.

b. Calculate the percentage change in productivity.

Reference no: EM13609397

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