Question

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?

Answer 1

Answer:

The cost difference between lowest and highest bid $ 251.20

Step-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

$=1570-\frac{4\times 1570}{100}$

$=1570-\frac{6280}{100}$

$=1570-62.80$

$=\ 1507.2$

While, the highest bid is 12% above average,

That is, the highest bid = average quote + 12% average quote

= 1570 + 12% of 1570

$=1570+\frac{12\times 1570}{100}$

$=1570+\frac{18840}{100}$

$=1570+188.4$

$=\ 1758.4$

Hence,  the cost difference between lowest and highest bid = $ 1758.4 - $ 1507.2 = $ 251.20