(Figure: Biscuits and Cookies PPFs) Greg and Melissa face the production possibilities frontiers shown for biscuits and cookies. When Greg completely specializes in producing the good he has a comparative advantage in, he produces 
Definitions:
Materials Price Variance
The difference between the actual cost of materials and the expected cost at standard prices, indicating how much was saved or overspent.
Materials Quantity Variance
The difference between the actual quantity of materials used in production and the standard quantity expected to be used, valued at the standard cost.
Standard Material Requirement
The specified quantity of materials required to produce a set number of units of a product according to the standard production process.
Currently Attainable Standards
Performance levels that can be achieved under current working conditions with reasonable effort.
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