Question

You manage a construction company. Last month, you purchased 500 board feet of lumber for $2,475. This month, you shopped at a different store and purchased 600 board feet of the same type of lumber for $2,802. What is the approximate percent difference between the unit costs at each store?

Answer 1

The percent difference between the unit costs at the two stores is approximately 5.82%.

Step-by-step explanation:

To find the percent difference between the unit costs at each store, you'll first need to calculate the cost per board foot from each store. Then, you can compare the costs to find the percent difference.

For the first store:
$2,475 ÷ 500 board feet = $4.95 per board foot.

For the second store:
$2,802 ÷ 600 board feet = $4.67 per board foot.

Now, to find the percent difference, we take the absolute difference between the two unit costs and divide it by the average of the two costs, then multiply by 100 to get the percentage.

|$4.95 - $4.67| = $0.28 difference

The average unit cost is:
($4.95 + $4.67) ÷ 2 = $4.81

Finally, the percent difference is:
($0.28 ÷ $4.81) × 100 ≈ 5.82%

The approximate percent difference between the unit costs at each store is 5.82%.