Total factor productivity (continuation of 12-40). Refer to the data for Problem 12-40. Assume the fabric costs $4.00 per yard in 2014 and $4.10 per yard in 2013.
1. Compute Gable Company’s total factor productivity (TFP) for 2014.
2. Compare TFP for 2014 with a benchmark TFP for 2013 inputs based on 2014 prices and output.
3. What additional information does TFP provide that partial productivity measures do not?
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