Fill in the Missing Values in the Following Table __________________________________________________________________________________________________________________________________________________________________________________________

question 133

Essay

Fill in the missing values in the following table.Draw one graph showing how total output increases with the quantity of workers hired,and another graph showing the marginal product of labour and the average product of labour.
$$\begin{array} { | c | c | c | c | } \hline \begin{array} { c } \text { Quantity of } \\\text { Workers }\end{array} & \text { Total Output } & \begin{array} { c } \text { Marginal } \\\text { Product of } \\\text { Labour }\end{array} & \begin{array} { c } \text { Average } \\\text { Product of } \\\text { Labour }\end{array} \\\hline 0 & 0 & & \\\hline 1 & 200 & & \\\hline 2 & 500 & & \\\hline 3 & 900 & & \\\hline 4 & 1150 & & \\\hline 5 & 1300 & & \\\hline\end{array}$$ __________________________________________________________________________________________________________________________________________________________________________________________

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Definitions:

Conversion Costs

Expenses for labor and overhead that transform raw materials into finished goods.

FIFO Method

An inventory valuation method where the first items purchased or produced are the first ones to be sold or used, standing for "First In, First Out."

Conversion Costs

The combination of direct labor costs and manufacturing overheads that are incurred in converting raw materials into finished goods.

Total Costs

The complete sum of all expenses, direct and indirect, incurred in producing a good or delivering a service.