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. Saudi Arabia's crude oil production over the same period can be approximated by Q(t) = -0.036t² + 0.62t + 8 million barrels per day (0

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. Saudi Arabia's crude oil production over the same period can be approximated by Q(t) = -0.036t² + 0.62t + 8 million barrels per day (0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

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
O represents 2000. Saudi Arabia's crude oil production over the same period can be approximated by
Q(t) = -0.036t2 + 0.62t + 8 million barrels per day
(0 <t < 10).†
Use these models to estimate Saudi Arabia's daily oil revenue and also its rate of change in 2003. (Round your answers to the nearest $1 million.)
daily oil revenue
million
rate of change in 2003
million/yr
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