The price of crude oil during the period 2000-2010 can be approximated by P(t) = 6t + 18 dollars per barrel (0 ≤ t ≤ 10) in year t, where t = 0 represents 2000. Russia's crude oil production over the same period can be approximated by Q(t) = −0.08t2 + 1.2t + 5.5 million barrels per day (0 ≤ t ≤ 10). † Use these models to estimate Russia's daily oil revenue and also its rate of change in 2007. (Round your answers to the nearest $1 million.) daily oil revenue$ millionrate of change in 2007$ million per year
The price of crude oil during the period 2000-2010 can be approximated by P(t) = 6t + 18 dollars per barrel (0 ≤ t ≤ 10) in year t, where t = 0 represents 2000. Russia's crude oil production over the same period can be approximated by Q(t) = −0.08t2 + 1.2t + 5.5 million barrels per day (0 ≤ t ≤ 10). † Use these models to estimate Russia's daily oil revenue and also its rate of change in 2007. (Round your answers to the nearest $1 million.) daily oil revenue$ millionrate of change in 2007$ million per year
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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11.3
The price of crude oil during the period 2000-2010 can be approximated by
P(t) = 6t + 18 dollars per barrel (0 ≤ t ≤ 10)
in year t, where
t = 0
represents 2000. Russia's crude oil production over the same period can be approximated byQ(t) = −0.08t2 + 1.2t + 5.5 million barrels per day (0 ≤ t ≤ 10).
†Use these models to estimate Russia's daily oil revenue and also its rate of change in 2007. (Round your answers to the nearest $1 million.)
daily oil revenue$ millionrate of change in 2007$ million per year
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