The standard costs and actual costs for direct labor in the manufacture of 2,500 units of product are as follows: 
The direct labor time variance is
Definitions:
Marginal Costs
The additional expense incurred from the creation of one extra unit of a product, essential in economic decision-making.
Marginal Cost Curve
A graphical representation showing the cost of producing one more unit of a good.
Economic Profit
The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, representing a profit above the opportunity cost.
Explicit and Implicit Costs
Explicit costs are direct payments made to others in the course of running a business, like wages or rents, while implicit costs represent the opportunity costs of using resources owned by the business.
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