Elance

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I just got started on Elance and am really confused and need some help if anyone can answer the following questions, i would appreciate it.. First off, They say like less then 10 an hour 9 months or more working 40 hours a week... so I make my bid, under one of the boxes it says, hey min. bid is like 3500 so I look up and I see that their budget is between $5000-$10000 well if i work 40 hours a week doing like 40 weeks for say 8 Dollars an hour that comes up high and sometimes over what their budget is.... Am I doing this right, if they say they are looking for a certain amount of weeks and a certain amount of hours then on my bid do i put yes I can work your 40 hours and your time frame even if it is more then their budget? I hope this makes sense. I am so confused.... someone help me