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Read the text "Cruising for Parking." In this text, Donald Shoup develops a formula to explain the rational maximum cruising time for parking. Refer to this formula and assume the following values. Desired parking time: 4 hours, off-curb parking fee: $10/h, curb-parking fee: $2.50/h, fuel cost per hour cruising: $2.50h, number of people in car: 3, time value per person: $12/h. (a) Calculate the maximu

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ebrightosagie

Answer: 47.37mins

Explanation:

Given Data:

Desired parking time = 4hrs

No of people in the car = 3

Curb parking fee = $2.50/hr

Off-curb parking fee = $10/hr

Fuel cost cruising = $2.50/hr

Time value per person = $12/hr

Maximum cruising time in minutes

= t ( m-p ) / f + nv

= 4 ( 10 - 2.50 ) / 2.50 + 3* 12

= 4 ( 7.5 ) / 38.5

= 30/38

= 0.7895H

= 47.37 mins

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