Crude oil and petroleum products are imported continuously by the United States. The following table and figure show the net expenditures for U.S. oil imports for selected years (in billions of dollars per year). Year Billions of Dollars 2014 219.5 2016 192.0 2018 191.0 2020 198.9 2022 214.5 2024 228.4 (a) Use n = 5 equal subdivisions and left-hand endpoints to estimate the area under the graph from 2014 to 2024. (Give an exact answer. Do not round.) $ billion (b) What does this area represent in terms of U.S. oil imports? the projected average spent on oil imports for the period 2014 to 2024 the projected average spent on oil imports for the period 2014 to 2022 the projected total spent on oil imports for the period 2014 to 2022 the projected total spent on oil imports for the period 2016 to 2024 the projected total spent on oil imports for the period 2014 to 2024
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U.S. oil produced and imported The figure shows the rate at which U.S. oil was produced and imported between 1920 and 2005 in units of millions of barrels per day. The total amount of oil produced or imported is given by the area of the region under the corresponding curve. Be careful with units because both days and years are used in this data set. a. Use numerical integration to estimate the amount of U.S. oil produced between 1940 and $2000 .$ Use the method of your choice and experiment with values of $n .$ b. Use numerical integration to estimate the amount of oil imported between 1940 and $2000 .$ Use the method of your choice and experiment with values of $n$ (GRAPH CANNOT COPY)
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According to the Oil \& Gas Journal, the proven oil reserves existing in the world in 2012 consisted of 1,525 billion barrels. In that year, the U.S. Energy Information Administration reported that the world daily oil production was 75.58 million barrels a day. a. At this rate, for how many years will the proven oil reserves last? Discuss the Malthusian view in the context of the number you just calculated. b. In order to do the calculations in part a, what did you assume about the total quantity of oil reserves over time? About oil prices over time? Are these assumptions consistent with the Malthusian view on resource limits? c. Discuss how market forces may affect the amount of time the proven oil reserves will last, assuming that no new oil reserves are discovered and that the demand curve for oil remains unchanged.
Table 3 lists U.S. oil imports as a percentage* of total energy consumption for selected years. Let $x$ represent years since 1960 and $y$ represent the corresponding percentage of oil imports. (A) Find the equation of the line through (0,9) and (40,29) , the first and last data points in Table 3 . (B) Find the equation of the line through (0,9) and (10,12) , the first and second data points in Table $3 .$ (C) Graph the lines from parts (A) and (B) and the data points $(x, y)$ from Table 3 in the same coordinate system. (D) Use each equation to predict oil imports as a percentage of total consumption in $2020 .$ (E) Which of the two lines seems to better represent the data in Table 3 ? Discuss.
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