1. The previous record of a contractor's bidding encounters against three competi- tors is: Bid Price of Competitors ( millions) Contractor's Cos Estimate(S millions) 0.85 Job No. 1.05 2.1 1.1 1.8 0.95 1.6 0.9 2.2 0.7 2.0 2.4 Using Friedman's and Gates's models, determine the markup needed to optimize ex- pected profit in the following cases, and comment on the results: a. Bidding against A, B, and C in a new job with estimated total cost of $10,000. b. Bidding against A, B, and C in a new job with estimated total cost of $5,000,000. c. Comment on the impact of project size in (a) and (b) on the estimated optimum markup d. Bidding against six typical competitors with behavior close to that of com- petitor B 1. The previous record of a contractor's bidding encounters against three competi- tors is: Bid Price of Competitors ( millions) Contractor's Cos Estimate(S millions) 0.85 Job No. 1.05 2.1 1.1 1.8 0.95 1.6 0.9 2.2 0.7 2.0 2.4 Using Friedman's and Gates's models, determine the markup needed to optimize ex- pected profit in the following cases, and comment on the results: a. Bidding against A, B, and C in a new job with estimated total cost of $10,000. b. Bidding against A, B, and C in a new job with estimated total cost of $5,000,000. c. Comment on the impact of project size in (a) and (b) on the estimated optimum markup d. Bidding against six typical competitors with behavior close to that of com- petitor B