Applying the Concepts Medcom Company installs computerized patient record systems in hospitals and medical centers. Medcom has noticed that each general type of system is subject to an 80 percent learning curve. The installation takes a team of professionals to setup and completely test the system. Required: 1. Assume that the first installation takes 800 hours, and the team of professionals is paid an average of $50 per hour. Complete the following table for Medcom Company (round answers to one decimal place): Cumulative Number Cumulative Total Cumulative Average Time per System (in Hours) of Systems Labor Hours 2 4 16 32 2. Using the data table above, calculate the total labor cost of Medcom installing four systems: Total Labor cost (round to the nearest dollar): 3. Using the data table above, calculate the following for Medcom to produce a third system: a. Cumulative average time to produce the third system (round to the nearest tenth): { hours b. Total time required to produce three systems (round to the nearest tenth): hours G. Time to produce the third system (round to the nearest tenth): hours