Consider the extraction of oil from a well. Let x(t) be the rate of extraction in...
Consider the extraction of oil from a well. Let x(t) be the rate of extraction in barrels per day and p(t) the price in dollars per barrel at time t. Then R(t) = pt)x(t) is the revenue in dollars per day. Find an expression for Rt), and give it an economic interpretation in the case when p() and x(1) are both increasing. (Hint: R(t) increases for two reasons...)
Homework Answers
Revenue earned can be defined as the product of price per unit and the number of units sold.
In this case Revenue can be calculated as :
Revenue = Rate of extraction in barrels per day * Price in dollars per barrel at time t
So, R(t) = p(t)*x(t)
Revenue increases in two cases :
i) When the rate of extraction in barrels per day increases, or
ii) Price in dollars per barrel at time time t increases.
So, Revenue increases, either when the rate of extraction increases or price in dollars increases or both increases.
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