Suppose you must divide your time between studying for your biology final and writing a final paper for your economics class. The time and the grades in the two classes are as follows: 
(A)Draw a tradeoff curve for the biology grade versus the economics grade.
(B)What is the opportunity cost of increasing the time spent on biology from 60 to 80 percent? What is the opportunity cost of increasing the time spent on economics from 80 to 100 percent?
(C)Are there increasing opportunity costs from spending more time on biology? Explain.
Definitions:
Direct Labor Standards
These standards define the amount of time and the rate of pay anticipated for direct labor required to manufacture a product or provide a service.
Actual Direct Labor Cost
Actual direct labor cost is the total amount of money paid for the wages of laborers directly involved in the production of goods or services.
Labor Efficiency Variance
The difference between the actual hours worked and the standard hours allowed, multiplied by the standard labor rate, indicating efficiency in labor usage.
Direct Labor Standards
The predetermined amount of labor time and cost that it should ideally take to produce one unit of a product, used for budgeting and performance evaluation.
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