You are analyzing the usage and the cost of a concrete pump for the concrete job for a foundation wall project. The building foundation wall has a quantity takeoff of 15,000 ft3. Your contract was estimated based on the equipment use of 1 machine hour per 1,000 ft3 of concrete at the budgeted equipment rate of $200 per machine hour. The actual use of equipment on site was 10 machine hours and the actual rental rate was $225 per machine hour. What is the total equipment cost variance? Question 7 options: $1,000 Under Budget $750 Under Budget $1,250 Under Budget $1,500 Over Budget