George Kyparisis determines his costs to be as follows:
Labor: $10 per hour
Resin: $5 per pound
Capital expense: 1% per month of investment
Energy: $.50 per BTU
Show the percent change in productivity for one month last year versus one month this year, on a multifactor basis with dollars as the common denominator.
Last Year Now
Units produced 1,000 1,000
Labor (hours) 300 275
Resin (pounds) 50 45
Capital invested ($) 10,000 11,000
Energy (BTU) 3,000 2,850
Please show how you got answer step by step.