Concept explainers
Crude Oil Prices The price per barrel of crude oil in constant 2008 dollars can be approximated by
Where t is time in years since the start of 1980.48
a. What, in constant 2008 dollars, was the average rate of change of the price of oil from the start
b. Your answer to part (a) is quite small. Can you conclude that the price of oil hardly changed all over the 25-year period 1981-2006? Explain.
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Applied Calculus
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