The price per barrel of crude oil in the period 1980-2013, in constant 2014 dollars, can be approx P(t) = 0.27t2 -8.6t + 93 dollars (0

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...
icon
Related questions
Question
P’(33)=$_____per year
Title: Analyzing the Price Trend of Crude Oil (1980-2013)

The price per barrel of crude oil over the period 1980-2013, in constant 2014 dollars, can be approximated by the equation:

\[ P(t) = 0.27t^2 - 8.6t + 93 \]

where \( t \) is time in years since the start of 1980. The interval for \( t \) is \( 0 \le t \le 33 \).

To determine the rate at which the price changes over time (\( P'(t) \)), we find the derivative of \( P(t) \):

\[ P'(t) = 0.54t - 8.6 \]

Next, we need to evaluate \( P'(33) \):

\[ P'(33) = 0.54(33) - 8.6 \]

\[ P'(33) = 17.82 - 8.6 \]

\[ P'(33) = 9.22 \]

Thus, \( P'(33) = 9.22 \) dollars per year.

### Graphs and Diagrams Explanation:
There are no graphs or diagrams included in the image provided.

### Interpreting the Result:
The second result, \( P'(33) = 9.22 \), indicates that in the year 2013, the price of crude oil was increasing at a rate of $9.22 per year.

The price of a barrel of crude oil was increasing at a rate of $9.22 per year in 2013.
Transcribed Image Text:Title: Analyzing the Price Trend of Crude Oil (1980-2013) The price per barrel of crude oil over the period 1980-2013, in constant 2014 dollars, can be approximated by the equation: \[ P(t) = 0.27t^2 - 8.6t + 93 \] where \( t \) is time in years since the start of 1980. The interval for \( t \) is \( 0 \le t \le 33 \). To determine the rate at which the price changes over time (\( P'(t) \)), we find the derivative of \( P(t) \): \[ P'(t) = 0.54t - 8.6 \] Next, we need to evaluate \( P'(33) \): \[ P'(33) = 0.54(33) - 8.6 \] \[ P'(33) = 17.82 - 8.6 \] \[ P'(33) = 9.22 \] Thus, \( P'(33) = 9.22 \) dollars per year. ### Graphs and Diagrams Explanation: There are no graphs or diagrams included in the image provided. ### Interpreting the Result: The second result, \( P'(33) = 9.22 \), indicates that in the year 2013, the price of crude oil was increasing at a rate of $9.22 per year. The price of a barrel of crude oil was increasing at a rate of $9.22 per year in 2013.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Knowledge Booster
Linear Equations
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, calculus and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Calculus: Early Transcendentals
Calculus: Early Transcendentals
Calculus
ISBN:
9781285741550
Author:
James Stewart
Publisher:
Cengage Learning
Thomas' Calculus (14th Edition)
Thomas' Calculus (14th Edition)
Calculus
ISBN:
9780134438986
Author:
Joel R. Hass, Christopher E. Heil, Maurice D. Weir
Publisher:
PEARSON
Calculus: Early Transcendentals (3rd Edition)
Calculus: Early Transcendentals (3rd Edition)
Calculus
ISBN:
9780134763644
Author:
William L. Briggs, Lyle Cochran, Bernard Gillett, Eric Schulz
Publisher:
PEARSON
Calculus: Early Transcendentals
Calculus: Early Transcendentals
Calculus
ISBN:
9781319050740
Author:
Jon Rogawski, Colin Adams, Robert Franzosa
Publisher:
W. H. Freeman
Precalculus
Precalculus
Calculus
ISBN:
9780135189405
Author:
Michael Sullivan
Publisher:
PEARSON
Calculus: Early Transcendental Functions
Calculus: Early Transcendental Functions
Calculus
ISBN:
9781337552516
Author:
Ron Larson, Bruce H. Edwards
Publisher:
Cengage Learning