= Solution
For balanced global error $\varepsilon$, a method second order in both variables can take $h\sim\varepsilon^{1/2}$ and $k\sim\varepsilon^{1/2}$. With $O(1/h)$ work per time step in one spatial dimension, its cost scales as $\varepsilon^{-1}$. A method second order in space but first order in time instead needs $k\sim\varepsilon$, so its cost is $\boxed{O(\varepsilon^{-3/2})}$ under the same per-step cost assumption. Equivalently at fixed $h$, using $k\sim h^2$ rather than $k\sim h$ needs about $1/h$ more steps. A restrictive stability condition or different linear-solver cost can dominate these accuracy-based estimates.
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