Q:

An estimator receives an average quote fora traffic control subcontractor of $1570 for the job duration. If the lowest bid is 4 % under average, and the highest bid is 12% above average, what is the cost difference between lowest and highest bid?

Accepted Solution

A:
Answer:The cost difference between lowest and highest bid $ 251.20Step-by-step explanation:Given,The average quote for the traffic control subcontractor = $ 1570,Also, the lowest bid is 4 % under average,That is, lowest bid = average quote - 4% average quote= 1570 - 4% of 1570[tex]=1570-\frac{4\times 1570}{100}[/tex][tex]=1570-\frac{6280}{100}[/tex][tex]=1570-62.80[/tex][tex]=\$1507.2[/tex]While, the highest bid is 12% above average,That is, the highest bid = average quote + 12% average quote= 1570 + 12% of 1570[tex]=1570+\frac{12\times 1570}{100}[/tex][tex]=1570+\frac{18840}{100}[/tex][tex]=1570+188.4[/tex][tex]=\$1758.4[/tex]Hence, Β the cost difference between lowest and highest bid = $ 1758.4 - $ 1507.2 = $ 251.20