A traveler needs a rental car for a day. He shops around to find a car...
A traveler needs a rental car for a day. He shops around to find a car rental company with the lowest overall price. He finds a national car rental company that charges a $24 daily fee plus $0.80 per mile. He also finds a local car rental company that charges a $18 daily fee, plus $0.90 per mile. Under what conditions would it be less expensive to rent from the national car rental company?
Homework Answers
Let the distance travelled is P miles
Total bill generated through National car rental
Amount = 24 + 0.80P
Total bill generated through Local car rental
Amount = 18 + 0.90P
Under conditions of indifference, both car rentals should be of same amount for P miles
24 + 0.80P = 18 + 0.90P
6 = 0.10P
p = 60 miles
Hence, when the miles travelled is more than P=60miles, it would be less expensive to travel through National car rental company.
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