QD 87. Oil Production The following table shows the amount of crude oil (in billions of barrels) produced in the United States in recent years. Source: U.S. Energy Information Administration.
Year | Crude Oil Produced |
2004 | 1.986 |
2005 | 1.891 |
2006 | 1.857 |
2007 | 1.853 |
2008 | 1.825 |
2009 | 1.954 |
2010 | 1.997 |
2011 | 2.063 |
2012 | 2.368 |
2013 | 2.716 |
In this exercise we are interested in the total amount of crude oil produced over the 9-ycar period from mid-2004 to mid-2013, using the data for the 10 years above.
(a) One approach is to sum up the numbers in the second column, hut count only half of the first and last numbers. Give the answer to this calculation.
(b) Approximate the amount of crude oil produced over the 9-year period 2004-2013 by taking the average of the left endpoint sum and the right endpoint sum. Explain why this is equivalent to the calculation done in part (a).
(c) Explain why the answer from part (a) is the same as that obtained using the trapezoidal rule to approximate the amount of crude oil produced over the 9-vear period 2004–2013.
(d) Find the equation of the least squares line for this data, letting t = 0 correspond to 2000. Then integrate this equation over the interval [4, 13] to estimate the amount of crude oil produced over this time period. Compare with your answer to part (a).
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