Melbourne Inc Required:
Calculate the Total Factor Productivity Measure

Essay

Melbourne Inc., has provided the following information for last year:
$$\begin{array} { l r l } \text { Pounds of input } & 42,000 & @ \$ 18 / p o u n d \\\text { Labor hours } & 11,000 & @ \$ 24 / \text { hour } \\\text { Overhead costs } & \$ 187,000 & \\\text { Units of output produced } & 33,000 & @ \text { selling price of } \$ 60 / \text { unit }\end{array}$$
Required:
Calculate the total factor productivity measure.