(a) Plot U.S.petroleum imports on a graph. (b)Describe the trend(if any) and discuss possible causes. (c) Fit both a linear and an exponential trend. (c)Interpret each fitted trend equation, explaining the implications. (d)Make a projection for 2010. Do you believe it?(e) To whom is this issue relevant? Note: Time increments are5years, so use t = 11 for the 2010 forecast.
U.S. Annual Petroleum Imports, 1960-2005 (billions of barrels) | |||
Year | Imports | Year | Imports |
1960 | 664 | 1985 | 1,850 |
1965 | 901 | 1990 | 2,926 |
1970 | 1,248 | 1995 | 3,225 |
1975 | 2,210 | 2000 | 4,194 |
1980 | 2,529 | 2005 | 4,937 |
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