Draw a Production Possibilities Curve That Indicates How You Might

question 19

Essay

Draw a production possibilities curve that indicates how you might divide up 10 hours of study time between your economics and accounting midterm exams. Put expected grade in economics on the horizontal axis and expected grade in accounting on the vertical axis. If you don't study at all, you expect to make a 70 on both exams. For every one additional hour of studying economics, your exam grade rises by 3 points. The same is true for accounting.
a. What is the opportunity cost of studying one extra hour for your economics exam?
b. What is the opportunity cost of studying one extra hour for your accounting exam?
c. Can the production possibility curve shift? Explain.

Understand the purpose and calculation of labour rate and efficiency variances.

Calculate variable and fixed manufacturing overhead variances.

Examine the causes and implications of favorable and unfavorable variances.

Understand the application of standard costs in manufacturing overhead.

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