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In: Economics

Your car gets 22 miles per gallon (MPG) at 55 miles per hour (MPH) and 18...

Your car gets 22 miles per gallon (MPG) at 55 miles per hour (MPH) and 18 MPG at 65 MPH. At what speed should you make a 450-mile trip 1. If gas costs $2.95 per gallon and your time is worth $17/hour? 2. If gas costs $3.80 per gallon and your time is worth $11.5/hour? 3. If gas costs $4.75 per gallon and your time is worth $8.9/hour? 4. Building an Excel spreadsheet to calculate the total trip cost for gas costs of $2.5, $3.5, $4.5, and $5.5 and values of time of $6.5, $9.5, $12.5, $15.5, and $18.5 per hour. Do two tables: one at 55 MPH and one at 65 MPH.

Solutions

Expert Solution

i) when speed 55 mph

ii) when speed is 65 mph

Rahul Sunny answered 2 years ago
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