During a recent increase in the price of a barrel of oil, a market analyst tried to determine whether to apply a linear model or an exponential model. During the first 4 weeks of the year, U.S. crude oil prices closed at the following values:

U.S. Crude Oil Prices
Week Price
1 $39.20
2 $66.64
3 $113.29
4 $192.59

Does the increase in price represent linear or exponential growth? What is the growth factor or rate of change?

Question

During a recent increase in the price of a barrel of oil, a market analyst tried to determine whether to apply a linear model or an exponential model. During the first 4 weeks of the year, U.S. crude oil prices closed at the following values:


U.S. Crude Oil Prices
Week	Price
1	$39.20
2	$66.64
3	$113.29
4	$192.59


Does the increase in price represent linear or exponential growth? What is the growth factor or rate of change?

anonymous · Answer

Linear, and the constant rate of change is $27.44 per week 
Linear, and the growth factor is 1.7 per week 
Exponential, and the growth factor is 1.7 per week
Exponential, and the constant rate of change is $27.44 per week