Problem

Worldwide Oil Demand The daily worldwide demand for oil is increasing. Data for dail...

Worldwide Oil Demand The daily worldwide demand for oil is increasing. Data for daily worldwide demand is given in the table below.

a. Based on a scatter plot of the data in Table 1.22, why is a linear model appropriate?

b. Align the data so that 2000 is year 0. Write a linear model for the daily worldwide demand for oil.

c. Use the model to estimate the amount of oil that will be demanded daily in 2015. What assumption(s) must be made for this to be considered a valid estimate?

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Solutions For Problems in Chapter 1.4

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