Calculating productivity measures

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Reference no: EM1365221

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 1000 hrs 1200 hrs

Seeds $12/pound 300lbs 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: EM1365221

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