Question
In: Math
Business The annual average natural gas price (in dollars per million BTUs) can be approximated by...
Business
The annual average natural gas price (in dollars per million
BTUs) can be approximated by the function
h(x) =
69.54e?0.264x
where x = 8 corresponds to the year 2008.
(Data from: Energy Information Administration.)
(a) What was the average price per million BTUs in the year 2010?
(b) According to the model, in what year did the average price per million BTUs hit $3.00?
Solutions
Expert Solution
Answer :
The annual average natural gas price ( in dollars per million BTUs can be approximated by the function
h(x) = 69.54e-0.264x where x = 8 corresponds to the year 2008.
(a) The average price per million BTUs in the year 2010 is
h(10) = 69.54e-0.264(10) = 4.9625 dollars.
(b) when h(x) = $3.00 we have
3 = 69.54e(-0.264x)
Apply logarithm on both sides
Therefore, in 2012 the average price per million BTUs hit $ 3.00
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