Macroeconomics (Fourth Edition)
4th Edition
ISBN: 9780393603767
Author: Charles I. Jones
Publisher: W. W. Norton & Company
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Chapter 5, Problem 2RQ
To determine
Adding an additional line to the indication of period 6.
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In the year 2000, the total amount of consumer loans in the United States topped $550 billion dollars. According to the Archival Federal Reserve Economic
Data report, the total amount of consumer loans for the United States can be approximated by the function
L(t) = 0.286t²-3.669t+24.475
where t is the number of years after 1950 and L(t) is given in billions of dollars. Evaluate and interpret the instantaneous rate of change in the total amount of
consumer loans in the United States in 2020.
O a. The total amount of consumer loans in the United States is expected to grow in 2020 at a rate of 11.69 billion dollars.
Ob. The total amount of consumer loans in the United States is expected to grow in 2020 at a rate of 30.65 billion dollars.
Oc. The total amount of consumer loans in the United States is expected to grow in 2020 at a rate of 34.32 billion dollars.
Od. The total amount of consumer loans in the United States is expected to grow in 2020 at a rate of 36.37 billion dollars.
Suppose that the world's current oil reserves is R
=
2060 billion barrels. If, on average, the total
reserves is decreasing by 15 billion barrels of oil each year, answer the following:
A.) Give a linear equation for the total remaining oil reserves, R, in terms of t, the number of
years since now. (Be sure to use the correct variable and Preview before you submit.)
R=
B.) 8 years from now, the total oil reserves will be
billions of barrels.
C.) If no other oil is deposited into the reserves, the world's oil reserves will be completely
depleted (all used up) approximately
years from now.
(Round your answer to two decimal places.)
Based on the following data (in billions of dollars), calculate
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