At the 500HP would both cars consume the same amount of gas if both cars were sitting still and the engine efficiency was the same on both engines?I can not answer this question because it is too subjective.
Lets narrow this down a little. There are several definitions of engine efficiency ..here are the most common-
Volumetric efficiency - Is the ratio of volume of air sucked by the engine to volume swept by the piston . Piston moves towards bottom dead center in the expansion stroke but the volume it sucks from outside is not the same as the swept volume because the fuel / air ration changes this by expanding. The volumetric efficiency depicts this.
Mechanical efficiency- It shows how efficiently the engine converts one form of energy to another form by taking losses like friction, leakages into account. Like conversion of indicated power to brake power with minimum losses shows the mechanical efficiency of engine
Thermal efficiency -. It is the amount of work that can be obtained by using unit amount of heat energy .
This is the most popular - There is a lot of concern nowadays about the thermal efficiency of the internal combustion engine (ICE), and a lot of research is being done to improve it. But what exactly is the efficiency of the internal combustion engine and how do we measure it? The efficiency of any engine is simply calculated from the energy of the fuel supplied per unit time to do work and the output at the shaft of the engine after subtracting all losses. The input power of the fuel can be obtained from the mass of the fuel and its calorific value. The shaft output can be measured from a brake dynamometer. Simply put efficiency is Output/Input. The average ICE has an efficiency between 20 to 30%, which is very low. If we see a heat balance sheet of the internal combustion engines for a spark ignition or gasoline engine we find that the brake load efficiency is between 21 to 28%, whereas loss to cooling water is between 12 to 27%, loss to exhaust is between 30 to 55 %, and loss due to incomplete combustion is
between 0 to 45%. Similarly when we analyze the heat balance sheet of a compression ignition or diesel engine we find that it has a brake load efficiency between 29 to 42 % and loss to cooling water is between 15 to 35 %, losses to exhaust is between 25 to 45 %, and losses due to incomplete combustion is 0 to 5 %. By analyzing the two heat balance sheets we find that in Gasoline engines loss due to incomplete combustion can be rather high.Diesel engines up to 35% in best point, gasoline engine up to 30% in best point. In real life use, averaged about 25% for drivetrains with Diesel and about 20% for those with gasoline engines.
The engine efficiency depends on the engine rpm and load. Car engines rarely operate at their peak efficiency, so peak efficiency and rated power are of limited relevancy to the reality.The above-mentioned efficiency are basically measure from tank to crankshaft (thermal efficiency). In reality, there are more lost along the way; in flywheel, transmission, axle etc. before power reaches the wheels. So effectively, the tank-to-wheel efficiency is in the order of about 10% or much less (quoted from Prof. John Heywood's article some years back).
Regarding the two engines at 500 hp scenario – one normally aspirated big cubic inch engine versus the little high revving 12 cylinder turbocharger mill.
turbochargers do offer efficiency gains. But that efficiency can quickly disappear if you step on the gas too quick! A turbocharged engine turns into a fuel-hog under hard acceleration, because the large volume of air being pumped into the cylinders must be matched by a larger volume of fuel.
This abnormally high fuel consumption of a turbocharged engine under high load is a matter of survival. To perform properly an engine must mix air and fuel in a precise ratio. The perfect air/fuel ratio is about 14.7 parts of air to one part of fuel. This is known as a "stoichiometric" ratio, which ensures a chemically complete combustion event. If you introduce more fuel than necessary, you create a "rich" mixture, and part of the fuel passes through the engine unburnt, wasting gas and creating extra pollution. A lean mixture, on the other hand, saves fuel, but makes the engine run hotter. A turbocharger compresses the incoming air, the fuel injection system automatically adds more fuel to keep the mixture at the correct ratio. And this is where the problems begin. As the pressure in the combustion chambers rises, you run the risk of pre-ignition (commonly known as "knock") – this is caused when raw ignites before the spark plug fires. DETONATION! Boom. Instant boat anchor. Knock is destructive to everything but the automobile dealership repair shop! The good news is that it is easily prevented by computerized engine control systems that monitor fuel flow and cylinder in real time. If your engine is on the verge of knocking, the computers have an instant fix: they shoot extra fuel into the engine. There goes the fuel mileage.
I can not imagine an engine making 500 hp at 6000 rpm will have the same thermal efficiency (fuel consumption) as one making 500 hp at 12,000 rpm.
https://www.quora.com/Why-is-the-ef...nes-poor-when-they-are-running-at-high-speeds