A taxi driver plans to pick you up at the airport and drop you off at the bank so you can complete some financial transaction before you head home. He notes that the change in vehicle operating cost (VOC) is 42 cents per mile. Given that his fuel consumption per minute is 0.2, what is the approximate price of fuel for this given arrangement if you delayed the driver for 48 minutes at the bank?
Let e= fuel units per mile [F/m]
Let c=$/fuel unit [$/F]
Original cost per mile: e*c ...
This solution involves distributing wait time cost over driving cost for effective $/mile driving cost.