The rate of crude oil production from 2008 to 2013 by an oil company can be...

The rate of crude oil production from 2008 to 2013 by an oil company can be approximated by ?(?) = 6.2?^2 − 146? + 1910 million barrels per year where ? is time in years since the start of 2000. During that time, the price of oil was approximately ?(?) = 47?^0.046? dollars per barrel. Obtain an expression for the total oil revenue ?(?) from the start 0f 2008 to the start of year ? as a function of ?. You can round all coefficients to three significant digits.

Solutions

Expert Solution

milcah answered 1 year ago

Next > < Previous

Related Solutions

If you look at the US production of crude oil, you can see that the data...

If you look at the US production of crude oil, you can see that the data trend for peak oil occurring around 1970. Since then it has declined with a plateau here and there. However around 2010, US oil production has increased quite a bit. What do you think is the cause for increase in oil production at the time?

Table: Production Possibilities for Tractors and Crude Oil Country Tractors Crude Oil (thousands of barrels) United...

Table: Production Possibilities for Tractors and Crude Oil Country Tractors Crude Oil (thousands of barrels) United States 80 40 Mexico 60 180 Reference: Ref 8-5 Table: The Production Possibilities for Tractors and Crude Oil (Table: The Production Possibilities for Tractors and Crude Oil) Use Table: The Production Possibilities for Tractors and Crude Oil. The United States has a comparative advantage in _____, and Mexico has a comparative advantage in _____. Select one: a. both goods; neither good b. tractors; crude...

A petroleum company has three plants. From a barrel of crude oil, factory #1 can produce...

A petroleum company has three plants. From a barrel of crude oil, factory #1 can produce 20 gallons of motor oil, 10 gallons of diesel oil and 5 gallons of gasoline. There is also waste in the form of paraffin, among other things. Similarly, factory #2 can produce 4 gallons, 14 gallons, and 5 gallons, respectively, while factory #3 can produce 4 gallons, 5 gallons, and 12 gallons, respectively of motor oil, diesel oil, and gasoline. Factory #1 has 3...

Oil is an international commodity, whose price Canada takes as given. Starting around mid-2013 crude oil...

Oil is an international commodity, whose price Canada takes as given. Starting around mid-2013 crude oil prices fell fairly quickly, stabilizing in mid-2015. Around the same period of time, the Canadian dollar depreciated relative to the US dollar. Use the IS-LM-FX model to show how a decline in oil prices might lead to a depreciation of the Canadian currency.

If the price of crude oil, a factor used in the production of gasoline, increases and...

If the price of crude oil, a factor used in the production of gasoline, increases and the number of people who own cars falls:" the equilibrium price of gasoline will increase and equilibrium quantity of gasoline will decrease. the equilibrium price of gasoline will be uncertain and equilibrium quantity of gasoline will decrease. the equilibrium price of gasoline will be uncertain and equilibrium quantity of gasoline will increase.

Problem 1: Oil Production Data: The Data in the following are the annual world crude oil...

Problem 1: Oil Production Data: The Data in the following are the annual world crude oil production in millions of barrels for the period 1880-1988. The data are taken from Moore and McCabe( 1993, p. 147). Here is the code help you to paste the data into your R. data5<-'year barrels 1880 30 1890 77 1900 149 1905 215 1910 328 1915 432 1920 689 1925 1069 1930 1412 1935 1655 1940 2150 1945 2595 1950 3803 1955 5626 1960...

1. (6 marks) Tenet Oil Production (TOP) is the largest producer of offshore crude oil and...

1. Tenet Oil Production (TOP) is the largest producer of offshore crude oil and natural gas in Country X. With the aging of her existing oil fields, the company is considering a proposal of developing an oil well located in the Atlantic Ocean acquired 2 years ago. TOP is considering whether to develop the Atlantic Ocean oil well next year. Some relevant financial figures of this proposal are as follows: • The $800 million of initial acquisition cost of the...

chandler Oil has 5000 barrels of crude oil 1 and 10,000 barrels of crude oil 2...

chandler Oil has 5000 barrels of crude oil 1 and 10,000 barrels of crude oil 2 available. Chandler sells gasoline and heating oil. These products are produced by blending the two crude oils together. Each barrel of crude oil 1 has a quality level of 10 and each barrel of crude oil 2 has a quality level of 5.6 Gasoline must have an average quality level of at least 8, whereas heating oil must have an average quality level of...

The Rainbow Oil Company buys crude vegetable oil. Refining this oil results in four products at...

The Rainbow Oil Company buys crude vegetable oil. Refining this oil results in four products at the splitoff point. A, B, C, and D. Product C is fully processed by the splitoff point. Products A, B, and D can individually be further refined into Super A, Super B, and Super D. In the most recent month (December), the output at the splitoff point was as follows: times • Product A, 275,000 gallons times • Product B, 100,000 gallons times •...

The South Oil Company buys crude vegetable oil. Refining this oil results in four products at...

The South Oil Company buys crude vegetable oil. Refining this oil results in four products at the splitoff point.? A, B,? C, and D. Product C is fully processed by the splitoff point. Products? A, B, and D can individually be further refined into Super? A, Super? B, and Super D. In the most recent month? (December), the output at the splitoff point was as? follows: Requirements: Compute the? gross-margin percentage for each product sold in? December, using the following...

Subjects