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To evaluate whether $151.03 is a good fare for a 6-hour 43-minute (6.7167 hours) and 311.2-mile ride for a Lyft driver, we need to consider several factors:
Hourly Earnings:
- Calculate the hourly rate by dividing the total fare by the time taken.
- Hourly earnings = $151.03 / 6.7167 hours ≈ $22.48 per hour.
Mileage Earnings:
- Calculate the earnings per mile by dividing the total fare by the distance.
- Mileage earnings = $151.03 / 311.2 miles ≈ $0.49 per mile.
Driver Costs:
- Drivers incur several costs, including fuel, maintenance, insurance, and depreciation.
- Estimate these costs to determine net earnings.
Fuel Costs:
- Assuming an average fuel efficiency of 25 miles per gallon and a fuel cost of $3.50 per gallon:
- Total fuel consumption = 311.2 miles / 25 miles per gallon = 12.448 gallons.
- Total fuel cost = 12.448 gallons * $3.50 per gallon = $43.57.
- Assuming an average fuel efficiency of 25 miles per gallon and a fuel cost of $3.50 per gallon:
Maintenance and Depreciation:
- Maintenance and depreciation costs are typically estimated at around $0.15 per mile.
- Total maintenance and depreciation cost = 311.2 miles * $0.15 per mile = $46.68.
- Maintenance and depreciation costs are typically estimated at around $0.15 per mile.
Net Earnings:
- Subtract the estimated costs from the total fare to find net earnings.
- Total costs (fuel maintenance/depreciation) = $43.57 $46.68 = $90.25.
- Net earnings = $151.03 - $90.25 = $60.78.
Net Hourly Earnings:
- Calculate the net hourly earnings.
- Net hourly earnings = $60.78 / 6.7167 hours ≈ $9.05 per hour.
Comparison to Minimum Wage:
- Compare the net hourly earnings to the local minimum wage.
- If the net hourly earnings are significantly below the minimum wage, the fare is likely not good.
Conclusion:
Based on the calculations:
- Gross hourly earnings: ≈ $22.48 per hour.
- Net hourly earnings (after costs): ≈ $9.05 per hour.
Considering the significant costs involved and the resulting net earnings, $151.03 for a 6-hour 43-minute, 311.2-mile ride is not a good fare for a Lyft driver, especially if the net hourly earnings are lower than the local minimum wage or typical earnings expectations.
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