Elasticity of Crude Oil The demand for crude oil in theUnited States was recently approximated byq = f(p) = 2,431,129p-0.06where p represents the price of crude oil in dollars per barrel andq represents the per capita consumption of crude oil. Calculateand interpret the elasticity of demand when the price is $100 perbarrel. Source: OPEC Review.

To calculate the elasticity of demand for $100 per barrel, substitute p=100 in the function…

Answered: Elasticity of Crude Oil The demand for…

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)

6th Edition

ISBN:9781337111348

Author:Bruce Crauder, Benny Evans, Alan Noell

Publisher:Bruce Crauder, Benny Evans, Alan Noell

Chapter2: Graphical And Tabular Analysis

Section2.4: Solving Nonlinear Equations

Problem 22E: Grazing Rabbits and Sheep This is a continuation of Exercise 21. In addition to the kangaroos, the...

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Grazing Kangaroos The amount of vegetation eaten in a day by a grazing animal V of food available measured as biomass, in units such as pounds per acre. This relationship is called the functional response. If there is little vegetation available, the daily intake will be small, since the animal will have difficulty finding and eating the food. As the amount of food biomass increases, so does the daily intake. Clearly, though, there is a limit to the amount the animal will eat, regardless of the amount of food available. This maximum amount eaten is the satiation level. a.For the western grey kangaroo of Australia, the functional response is G=2.54.8e0.004V, where G=G(V) is the daily intake measured in pounds and V is the vegetation biomass measured in pounds per acre. i. Draw a graph of G against V. Include vegetation biomass levels up to 2000 pounds per acre. ii. Is the graph you found in part i concave up or concave down? Explain in practical terms what your answer means about how this kangaroo feeds. iii. There is a minimal vegetation biomass level below which the western grey kangaroo will eat nothing. Another way of expressing this is to say that the animal cannot reduce the food biomass below this level. Find this minimal level. iv. Find the satiation level for the western grey kangaroo. b. For the red kangaroo of Australia, the functional response is R=1.91.9e0.033V, Where R is the daily intake measured in pounds and V is the vegetation biomass measured in pounds per acre. i. Add the graph of R against V to the graph of G you drew in part a. ii. A simple measure of the grazing efficiency of an animal involves the minimal vegetation biomass level described above: The lower the minimal level for an animal, the more efficient it is at grazing. Which is more efficient at grazing, the western grey kangaroo or the red kangaroo?
Grazing Rabbits and Sheep This is a continuation of Exercise 21. In addition to the kangaroos, the major grazing mammals of Australia include merino sheep and rabbits. For sheep, the functional response is S=2.82.8e0.01V, and for rabbits, it is H=0.20.2e0.008V, Here S and H are the daily intake measured in pounds, and v is the vegetation biomass measured in pounds per acre. a. Find the satiation level for sheep and that for rabbits. b. One concern in the management of rangelands is whether the various species of grazing animals are forced to complete for food. It is thought that competition will not be a problem if the vegetation biomass level provides at least 90 of the satiation level for each species. What biomass level guarantees that competition between sheep and rabbits will not be problem?

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