Question
In: Economics
Your car gets 25 miles per gallon (mpg) at 60 miles per hour (mph) and 18...
Your car gets 25 miles per gallon (mpg) at 60 miles per hour (mph) and 18 mpg at 70 mph. At what speed should you make a 600-mile trip:
1. If gas costs $3 per gallon and your time is worth $12 per hour?
2. If gas costs $4 per gallon and your time is worth $15 per hour?
3. If gas costs $5 per gallon and your time is worth $10 per hour?
4. Build a spreadsheet to calculate the total trip cost for gas costs of $3, $4, and $5, and values of time of $10, $12, $15, 18 and $20 per hour. Do two tables: one at 60mph and one at 70 mph
PLEASE WRITE WHAT EQUATIONS THAT MUST BE WRITTEN IN EXCEL IN ORDER TO GET THE DATA FOR PART 4.
Solutions
Expert Solution
Distance=600 m
1) @60 miles per hour
total Number of hours= distance / speed
=600/60
=10 hr
cost due to hours =Rate per hour * number of hours
=$12*10
=$120
Number of gallons required = Distance / miles per galon
=600/25
=24 galons
cost of fuel = number of galons * cost per galon
=24*$3
=$72
Total cost =72+120
=$192
@70 miles per hour
total Number of hours= distance / speed
=600/70
=8.57 hr
cost due to hours =Rate per hour * number of hours
=$12*8.57
=$102.85
Number of gallons required = Distance / miles per galon
=600/18
=33.33 galons
cost of fuel = number of galons * cost per galon
=33.33*$3
=$100
Total cost =102.85+100
=$202.85
Therfore going at 60 mile per hour is better
2) @60 miles per hour
total Number of hours= distance / speed
=600/60
=10 hr
cost due to hours =Rate per hour * number of hours
=$15*10
=$150
Number of gallons required = Distance / miles per galon
=600/25
=24 galons
cost of fuel = number of galons * cost per galon
=24*$4
=$96
Total cost =96+150
=$246
@70 miles per hour
total Number of hours= distance / speed
=600/70
=8.57 hr
cost due to hours =Rate per hour * number of hours
=$15*8.57
=$128.57
Number of gallons required = Distance / miles per galon
=600/18
=33.33 galons
cost of fuel = number of galons * cost per galon
=33.33*$4
=$133.33
Total cost =128.57+133.33
=$261.9
Therfore going at 60 mile per hour is better
3) @60 miles per hour
total Number of hours= distance / speed
=600/60
=10 hr
cost due to hours =Rate per hour * number of hours
=$10*10
=$100
Number of gallons required = Distance / miles per galon
=600/25
=24 galons
cost of fuel = number of galons * cost per galon
=24*$5
=$120
Total cost =100+120
=$220
@70 miles per hour
total Number of hours= distance / speed
=600/70
=8.57 hr
cost due to hours =Rate per hour * number of hours
=$10*8.57
=$85.7
Number of gallons required = Distance / miles per galon
=600/18
=33.33 galons
cost of fuel = number of galons * cost per galon
=33.33*$5
=$166.65
Total cost =85.7+166.64
=$252.35
Therfore going at 60 mile per hour is better
4)
| @ 60 mile per hour | ||||||
| Hours Taken = | 600/60 | 10 | ||||
| Miles Per galon | 25 | |||||
| total galons | distance/ miles per galon | 24 | ||||
| =Cost per gallon ($) * total galons | =Cost per hour ($)* Hours Taken | |||||
| CASE | Cost per gallon ($) | Cost per hour ($) | Cost of fuel | Cost of hours | Total Cost | |
| 1 | 3 | 10 | 72 | 100 | 172 | |
| 2 | 3 | 12 | 72 | 120 | 192 | |
| 3 | 3 | 15 | 72 | 150 | 222 | |
| 4 | 3 | 18 | 72 | 180 | 252 | |
| 5 | 3 | 20 | 72 | 200 | 272 | |
| 6 | 4 | 10 | 96 | 100 | 196 | |
| 7 | 4 | 12 | 96 | 120 | 216 | |
| 8 | 4 | 15 | 96 | 150 | 246 | |
| 9 | 4 | 18 | 96 | 180 | 276 | |
| 10 | 4 | 20 | 96 | 200 | 296 | |
| 11 | 5 | 10 | 120 | 100 | 220 | |
| 12 | 5 | 12 | 120 | 120 | 240 | |
| 13 | 5 | 15 | 120 | 150 | 270 | |
| 14 | 5 | 18 | 120 | 180 | 300 | |
| 15 | 5 | 20 | 120 | 200 | 320 | |
| @ 70 mile per hour | ||||||
| Hours Taken = | 600/70 | 8.571428571 | ||||
| Miles Per galon | 18 | |||||
| total galons | distance/ miles per galon | 33.33333333 | ||||
| =Cost per gallon ($) * total galons | =Cost per hour ($)* Hours Taken | |||||
| CASE | Cost per gallon ($) | Cost per hour ($) | Cost of fuel | Cost of hours | Total Cost | |
| 1 | 3 | 10 | 100 | 85.71428571 | 185.7142857 | |
| 2 | 3 | 12 | 100 | 102.8571429 | 202.8571429 | |
| 3 | 3 | 15 | 100 | 128.5714286 | 228.5714286 | |
| 4 | 3 | 18 | 100 | 154.2857143 | 254.2857143 | |
| 5 | 3 | 20 | 100 | 171.4285714 | 271.4285714 | |
| 6 | 4 | 10 | 133.3333333 | 85.71428571 | 219.047619 | |
| 7 | 4 | 12 | 133.3333333 | 102.8571429 | 236.1904762 | |
| 8 | 4 | 15 | 133.3333333 | 128.5714286 | 261.9047619 | |
| 9 | 4 | 18 | 133.3333333 | 154.2857143 | 287.6190476 | |
| 10 | 4 | 20 | 133.3333333 | 171.4285714 | 304.7619048 | |
| 11 | 5 | 10 | 166.6666667 | 85.71428571 | 252.3809524 | |
| 12 | 5 | 12 | 166.6666667 | 102.8571429 | 269.5238095 | |
| 13 | 5 | 15 | 166.6666667 | 128.5714286 | 295.2380952 | |
| 14 | 5 | 18 | 166.6666667 | 154.2857143 | 320.952381 | |
| 15 | 5 | 20 | 166.6666667 | 171.4285714 | 338.0952381 | |
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