The spot price of crude oil during the period 2000-2005 can be approximated by
P(t) = 5t + 25 dollars per barrel (0 ≤ t ≤ 5)
in year t, where t = 0 represents 2000.

Saudi Arabia's crude oil production over the same period can be approximated by
Q(t) = 0.082t2 − 0.22t + 8.2 million barrels per day† (0 ≤ t ≤ 5)

Use these models to estimate Saudi Arabia's daily oil revenue and also its rate of change in 2003. (Round your answers to the nearest $1 million.)

daily oil revenue $ __ million
rate of change in 2003 $ __ million/yr

Question

The spot price of crude oil during the period 2000-2005 can be approximated by
P(t) = 5t + 25 dollars per barrel    (0 ≤ t ≤ 5)
in year t, where t = 0 represents 2000.

Saudi Arabia's crude oil production over the same period can be approximated by
Q(t) = 0.082t2 − 0.22t + 8.2 million barrels per day†    (0 ≤ t ≤ 5)

Use these models to estimate Saudi Arabia's daily oil revenue and also its rate of change in 2003. (Round your answers to the nearest $1 million.)

daily oil revenue    	 $ __ million
rate of change in 2003    	 $   __ million/yr

anonymous · Answer

I'm using webassign and this chapter deals with derivatives. I don't understand what steps to do this problem though.