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2. Mrs. Tolstoy and her husband, Serge, are planning their dream house. The lot for the house sits high on a hill with a beautiful view of the Appalachian Mountains. The plans show the size of the house to be 2,900 square feet. The average price for a lot and house similar to this one has been $120 per square foot. Fortunately, Serge is a retired plumber and feels he can save money by installing the plumbing him- self. Mrs. Tolstoy feels she can take care of the interior decorating. Chapter 5 Estimating Project Times and Costs 153 The following average cost information is available from a local bank that makes loans to local contractors and dispenses progress payments to contractors when spe- cific tasks are verified as complete. Excavation and framing complete 24% 8% Roof and fireplace complete 3% Wiring roughed in 6% 5% 17% 9% Plumbing roughed in Siding on Windows, insulation, walks, plaster, and garage complete Furnace installed 4% Plumbing fixtures installed 10% Exterior paint, light fixtures installed, finish hardware installed 6% Carpet and trim installed 4% Interior decorating 4% Floors laid and finished b. Estimate what the cost of the house would be if the Tolstoys use their talents to do some of the work themselves. Refer to "Exercise #2" part "b" in your textbook. Assuming that Tolstoys could also install carpet and trim themselves, the cost of the house would be: A) between 276,000 and 277,000 B between 277,000 and 278,000 C between 278,000 and 279,000 D Less than 276,000 OR more than 279,000

2. Mrs. Tolstoy and her husband, Serge, are planning their dream house. The lot for the house sits high on a hill with a beautiful view of the Appalachian Mountains. The plans show the size of the house to be 2,900 square feet. The average price for a lot and house similar to this one has been $120 per square foot. Fortunately, Serge is a retired plumber and feels he can save money by installing the plumbing him- self. Mrs. Tolstoy feels she can take care of the interior decorating. Chapter 5 Estimating Project Times and Costs 153 The following average cost information is available from a local bank that makes loans to local contractors and dispenses progress payments to contractors when spe- cific tasks are verified as complete. Excavation and framing complete 24% 8% Roof and fireplace complete 3% Wiring roughed in 6% 5% 17% 9% Plumbing roughed in Siding on Windows, insulation, walks, plaster, and garage complete Furnace installed 4% Plumbing fixtures installed 10% Exterior paint, light fixtures installed, finish hardware installed 6% Carpet and trim installed 4% Interior decorating 4% Floors laid and finished b. Estimate what the cost of the house would be if the Tolstoys use their talents to do some of the work themselves. Refer to "Exercise #2" part "b" in your textbook. Assuming that Tolstoys could also install carpet and trim themselves, the cost of the house would be: A) between 276,000 and 277,000 B between 277,000 and 278,000 C between 278,000 and 279,000 D Less than 276,000 OR more than 279,000

Understanding Business
Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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2. Mrs. Tolstoy and her husband, Serge, are planning their dream house. The lot for the house sits high on a hill with a beautiful view of the Appalachian Mountains. The plans show the size of the house to be 2,900 square feet. The average price for a lot and house similar to this one has been $120 per square foot. Fortunately, Serge is a retired plumber and feels he can save money by installing the plumbing him- self. Mrs. Tolstoy feels she can take care of the interior decorating. Chapter 5 Estimating Project Times and Costs 153 The following average cost information is available from a local bank that makes loans to local contractors and dispenses progress payments to contractors when spe- cific tasks are verified as complete. Excavation and framing complete 24% 8% Roof and fireplace complete 3% Wiring roughed in 6% 5% 17% 9% Plumbing roughed in Siding on Windows, insulation, walks, plaster, and garage complete Furnace installed 4% Plumbing fixtures installed 10% Exterior paint, light fixtures installed, finish hardware installed 6% Carpet and trim installed 4% Interior decorating 4% Floors laid and finished b. Estimate what the cost of the house would be if the Tolstoys use their talents to do some of the work themselves.
Transcribed Image Text:2. Mrs. Tolstoy and her husband, Serge, are planning their dream house. The lot for the house sits high on a hill with a beautiful view of the Appalachian Mountains. The plans show the size of the house to be 2,900 square feet. The average price for a lot and house similar to this one has been $120 per square foot. Fortunately, Serge is a retired plumber and feels he can save money by installing the plumbing him- self. Mrs. Tolstoy feels she can take care of the interior decorating. Chapter 5 Estimating Project Times and Costs 153 The following average cost information is available from a local bank that makes loans to local contractors and dispenses progress payments to contractors when spe- cific tasks are verified as complete. Excavation and framing complete 24% 8% Roof and fireplace complete 3% Wiring roughed in 6% 5% 17% 9% Plumbing roughed in Siding on Windows, insulation, walks, plaster, and garage complete Furnace installed 4% Plumbing fixtures installed 10% Exterior paint, light fixtures installed, finish hardware installed 6% Carpet and trim installed 4% Interior decorating 4% Floors laid and finished b. Estimate what the cost of the house would be if the Tolstoys use their talents to do some of the work themselves.
Refer to "Exercise #2" part "b" in your textbook. Assuming that Tolstoys could also install carpet and trim themselves, the cost of the house would be: A) between 276,000 and 277,000 B between 277,000 and 278,000 C between 278,000 and 279,000 D Less than 276,000 OR more than 279,000
Transcribed Image Text:Refer to "Exercise #2" part "b" in your textbook. Assuming that Tolstoys could also install carpet and trim themselves, the cost of the house would be: A) between 276,000 and 277,000 B between 277,000 and 278,000 C between 278,000 and 279,000 D Less than 276,000 OR more than 279,000
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