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What choice should you make if you expect to drive

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Reference no: EM132154388

Question: If you rent a car, you can (1) return it with a full gas tank, (2) return it without filling it and pay $3.45/gallon, or (3) accept a fixed price of $35 for gas. The local price is $3.15/gallon for gasoline, and you expect this car to get 28 miles per gallon. The car has a 20-gallon tank. What choice should you make if you expect to drive:

(a) 150 miles?

(b) 350 miles?

(c) 500 miles?

(d) How do your answers change if stopping at the filling station takes 15 minutes and your time is worth $12/hr?

Reference no: EM132154388

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