Please help Estimate the price of one barrel of crude oil on January 10, 2016, and the rate at which the price was falling on thatday. (Your answer for the rate should be in dollars per day.)Price of Crude OilS30-S29-S28-$27-S26-S25-S24-S230510 1520 25 30January 2016The price of one barrel of crude oil on January 10, 2016 was about(Type an integer or a decimal rounded to two decimal places as neededdollars.The price of one barrel of crude oil was falling by about(Type an integer or a decimal rounded to two decimal places as neededdollars per daydays.days per dollar.

Name: Please help Estimate the price of one barrel of crude oil on January 1
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Description: Please help Estimate the price of one barrel of crude oil on January 10, 2016, and the rate at which the price was falling on thatday. (Your answer for the rate should be in dollars per day.)Price of Crude OilS30-S29-S28-$27-S26-S25-S24-S230510 1520

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Calculus: Early Transcendentals

8th Edition

ISBN:9781285741550

Author:James Stewart

Publisher:James Stewart

Chapter1: Functions And Models

Section: Chapter Questions

Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...

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Estimate the price of one barrel of crude oil on January 10, 2016, and the rate at which the price was falling on that
day. (Your answer for the rate should be in dollars per day.)
Price of Crude Oil
S30-
S29-
S28-
$27-
S26-
S25-
S24-
S23
0510 1520 25 30
January 2016
The price of one barrel of crude oil on January 10, 2016 was about
(Type an integer or a decimal rounded to two decimal places as needed
dollars.
The price of one barrel of crude oil was falling by about
(Type an integer or a decimal rounded to two decimal places as needed
dollars per day
days.
days per dollar.

Expert Solution

Step 1

Find the rate of change of a function using a graph essentially means that we need to find the slope of the curve represented by the graph in the neighborhood of the point of interest.

So given a point (b,f(b)) on the graph of the function f(x), to find its rate of change at this point, we need to find the following ( considering a neighboring point (b,f(b)) )

$r a t e o f c h a n g e = \frac{f (b) - f (a)}{b - a}$

This essentially represents the slope of the tangent to the function curve at the point (b,f(b))

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