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A truck driving on the Interstate averages a fuel efficiency of 4 miles per gallon when traveling at 50mph. The truck looses a tenth of a mile per gallon in fuel efficiency for each mile per hour increase in speed. Fuel costs $1.19 per gallon. The trucker is paid $27.50 per hour and fixed costs to run the truck are $11.33 per hour. A trip of 300 miles is planned. What speed will minimize the company's total operating expense?

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Solution Summary

This solution shows how to determine the trucking speed that will minimize operating expense.

Solution provided by:

Changping Wang, MA

Education

BSc , Wuhan Univ. China
MA, Shandong Univ.

Recent Feedback

"Your solution, looks excellent. I recognize things from previous chapters. I have seen the standard deviation formula you used to get 5.154. I do understand the Central Limit Theorem needs the sample size (n) to be greater than 30, we have 100. I do understand the sample mean(s) of the population will follow a normal distribution, and that CLT states the sample mean of population is the population (mean), we have 143.74. But when and WHY do we use the standard deviation formula where you got 5.154. WHEN & Why use standard deviation of the sample mean. I don't understand, why don't we simply use the "100" I understand that standard deviation is the square root of variance. I do understand that the variance is the square of the differences of each sample data value minus the mean. But somehow, why not use 100, why use standard deviation of sample mean? Please help explain."
"excellent work"
"Thank you so much for all of your help!!! I will be posting another assignment. Please let me know (once posted), if the credits I'm offering is enough or you ! Thanks again!"
"Thank you"
"Thank you very much for your valuable time and assistance!"

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