A survey of total project construction costs for a wide range of buildings (hospitals, schools, banks, nursing homes, etc.) in 2006 found that the average cost was $13,136,431. The mechanical and electrical portions of that cost were $2,511,893 and $1,585,384, respectively. If the total project cost in 2017 increases to $15,700,000, what would the mechanical portion of the total cost equal, provided the percentage (a) remained the same as in 2006, and (b) increased by 20% from the 2006 portion?
A survey of total project construction costs for a wide range of buildings (hospitals, schools, banks, nursing homes, etc.) in 2006 found that the average cost was $13,136,431. The mechanical and electrical portions of that cost were $2,511,893 and $1,585,384, respectively. If the total project cost in 2017 increases to $15,700,000, what would the mechanical portion of the total cost equal, provided the percentage (a) remained the same as in 2006, and (b) increased by 20% from the 2006 portion?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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A survey of total project construction costs for a
wide range of buildings (hospitals, schools, banks,
nursing homes, etc.) in 2006 found that the average
cost was $13,136,431. The mechanical and electrical
portions of that cost were $2,511,893 and
$1,585,384, respectively. If the total project cost in
2017 increases to $15,700,000, what would the mechanical
portion of the total cost equal, provided
the percentage (a) remained the same as in 2006,
and (b) increased by 20% from the 2006 portion?
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