Question

A contractor originally estimated the total cost of a job including labor and materials at $ 57,000. In reviewing the costs, a new estimate of $ 48,000 is made, reducing the labor cost by 15% and the material cost by 18%. What is each cost, labor and material, of the new estimate?

Answer 1

Answer:

shadow cow

Step-by-step explanation:

Answer 2

In new estimate cost of labor and material is 35,700 and 12,300 respectively.

What is reducing factor?

Reduction Factor means the percentage obtained by dividing the Net Worth Shortfall Amount by the Required Net Worth Amount.

According to the question

A contractor originally estimated the total cost of a job including labor and materials at $ 57,000.

let  Labor cost = l

     Material cost = m

Now ,

l + m = 57000 ----------(1)

A new estimate of $ 48,000 is made, reducing the labor cost by 15% and the material cost by 18%.

i.e,

$\frac{(100-15)}{100} l + \frac{(100-18)}{100} m = 48000$

$\frac{(85)}{100} l + \frac{(82)}{100} m = 48000$

0.85l + 0.82m = 48000  --------------------------------(2)

multiplying equation (1) from 0.85

0.85l + 0.85m = 48450   -------------------------------(3)

subtracting equation (1) and (3)

0.85l + 0.85m = 48450

-0.85l -0.82m = -48000

0.03m=450

m = 15000 (old cost )

new cost of m is = 0.82 * 15000 =12,300

putting value of m in equation (1)

l + m = 57000

l + 15000 = 57000

l = 42000   (old cost)

new cost of l is = 0.85l  = 0.85*42000

new cost of l is =  35,700

Hence, The new cost of labor is 35,700 and new cost of material is 12,300 .

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