This video explores the reality of price-quality variability and how you think about pricing when rebidding building services.

This phenomon is termed Price Elasticity by economists; Vince Elliott calls it a “Fractured Banana.” In short, there is no single “best price”: There can be a wide range of possible prices for a certain level of quality, and additional labor provides diminishing returns beyond a certain point. Vince also mentions the eSpecX app (formerly “Spec-Optimizer”) for exploring the relation between price and quality.