a) Production function is Q = 25P + 23R. This is because each gallon of P gives a mileage of 25 while each gallon of R gives a mileage of 23.
b) From production function we have MRTS = 25/23 = 1.087 while the slope of the budget line is PPremium/PRegular = 1.15/1.05 = 1.095
Now MRTS < PPremium/PRegular
This implies that regular unleaded is more productive and you should use only regular unleaded
In this way P = 0 and so we have
Q = 25*0 + 23R
2300 = 0 + 23R
This becomes R = 2300/23 = 100
You should use P = 0 and R = 100.
6. You drive a taxi. If you use premium unleaded, your cab gets 25 miles to...
Suppose that gasoline costs $3.55 per gallon. Your car gets 35 miles per gallon. How many gallons of gas do you need to drive 455 miles? How much will gasoline cost to drive 1000 miles? How many miles can you drive on 19 gallons of gas? How far can you drive on $15 worth of gas?
1. Assuming your car gets 30 miles/gallon and you drive 5,000 miles each year, calculate how many gallons of gasoline you use per year by driving your car. Give your (numerical) answer to the nearest 1 without any unit. 2. )Using your answer above, 167 gallons, calculate how many liters of gasoline your car burns per year. 1 gallon = 3.8 liters, 1 L = 1000 mL, 1 kg = 1000 g Give you answer to the nearest 1 without...
Suppose the car (van, SUV) you drive gets 25 miles/gallon. If you drive 19,000 miles per year how many tons of the green house gas CO2 are you releasing each year? Assume your fuel is octane (C8H18) and the combustion reaction is balanced: C8H18 + 12.5 O2 → 8 CO2 + 9 H2O Addition information: Density of octane = 0.700 g/mL 1 gallon = 3785 mL 1 pound = 454 g 1 ton = 2000 lbs
You drive an average of 750 miles per week in a car that gets 28 miles per gallon. With gasoline priced at 53.40 per gallon, what would be the difference in total weekly cost for gasoline if you start driying an SUV that gets 20 miles per gallon? (d) 536.43 more (b) $36.43 less (c) S204 more (a) S145.72 more 3 ITUS SI 782 Hong Kong dollars, what is the value of 25 Hong Kong dollars in U.S. dollars? (a)...
Your car gets 33 miles per gallon, you drive an average speed of 44 miles per hour. How much gas do you use in an hour?33/44? or 44/33
Assume you own a car that gets 20 miles per gallon on average. If you typically drive 16,000 miles per year and the price of gasoline goes from $2.00 per gallon to $3.00 per gallon, what is your additional cost per year?
You currently drive 375 miles per week in a car that gets 18 miles per gallon of gas. You are considering buying a new fuel-efficient car for$15,000(after trade-in on your current car) that gets 45 miles per gallon. Insurance premiums for the new and old car are$1000 and $500 per year, respectively. You anticipate spending $1500 per year on repairs for the old car and having no repairs on the new car. Assume gas costs$3.50 per gallon. Over a five-year...
NAME: RECORD ANSWER WITH CORRECT UNITS AND CORRECT SIG FIGS IN BOX PROVIDED-USE SCIENTIFIC NOTATION IF OVENIENT. SHOW UNIT CONVERSION PROCESS IN SPACE PROVIDED BELOW EACH QUESTION FOR FULL CREDIT. 1. Assume your hybrid car gets 38.0 miles per gallon (mpg) and the current price per gallon of regular, unleaded gasoline is $2.52. The car's gas tank holds 11.5 gallons. a. How far (in km) can the car travel on a tank of gas? b. What will be the cost...
1 6-24. Are you thinking of bypassing a gasoline fueled car in favor of a hybrid (gasoline and electric) automobile? Let's take a look at the relative economics of your possible choice. The gasoline-fueled car sells for $20,000 and gets 25 miles per gallon (mpglof fuel. The alternative hybrid vehicle sells for $25,000and averages 46 mpg. The resale value of the hybrid car is $2,000 more than that of the gasoline-only car after five years of anticipated ownership. If you...
5. (10 points) As the price of gasoline goes up, people are willing to drive farther to fill their tank in order to save money. Assume you had been buying gasoline for $2.40 per gallon and that it went up to $2.83 per gallon at the station where you usually go. If you drive an F-150 pickup that gets 25 miles per gallon, what is the round-trip distance you can drive to break even if it will take 16 gallons...