A company has introduced a process improvement that reduces processing time for each unit, so that output is increased by 30% with less material, but one additional worker required. Under the old process, four workers could produce 50 units per hour. Labor costs are $12/hour, and material input was previously $16/unit. For the new process, material is now $10/unit. Overhead is charged at 1.5 times direct labor cost. Finished units sell for $35 each.
What increase (i.e., percent increase) in productivity is associated with the process improvement? (Show all your work.)