(Solved): 2. [Ch. 1 Calculation of Productivity] Student tuition at Anniston University is $1200 per semester ...

2. [Ch. 1 Calculation of Productivity] Student tuition at Anniston University is $1200 per semester credit hours. The states supplement school revenue by matching student tuition, dollars per dollars. Average class size for typical three credit courses is 50 students. Labor costs are $5000 per class, material costs are $50 per student, and overhead cost are $40,000 per class. (a) What is the multifactor productivity ratio? Hint.(The output will be the tuition revenues.) (b) (Update) We assume the output (=tuition revenues) will remain the same from part (a), if instructors work an average, what is the labor productivity ratio? (Keep in mind that professor delivering the lecture work 40 hours per week the semester last for 15 weeks)