The price per barrel of crude oil in constant 2008 dollars can be approximated by
P(t) = 0.45t^2 − 12t + 105 dollars. (0 ≤ t ≤ 28)
where t is time in years since the start of 1980.† Find P'(t) and P'(26).

What does the answer tell you about the price of crude oil?

The price of a barrel of crude oil was increasing at a rate of $ ___ per year in ___

Question

The price per barrel of crude oil in constant 2008 dollars can be approximated by
P(t) = 0.45t^2 − 12t + 105 dollars. (0 ≤ t ≤ 28)
where t is time in years since the start of 1980.† Find P'(t) and P'(26).

What does the answer tell you about the price of crude oil?

The price of a barrel of crude oil was increasing at a rate of $  ___ per year in ___

anonymous · Answer

Well, find the derivative and put in 26.

anonymous · Answer

P'(t) = 0.9t - 12
P'(26) = 0.9*26 - 12 = 11.4

So (assuming t = 0 in 1980), in 2006 the price of oil was increasing by $11.40.