Chapter 9.C, Problem 40E

World Oil Production. Annual world oil production was about 520 million tons in 1950. Production increased at a rate or 7% per year between I 950 and 1972, but the rate of growth then slowed. World oil production reached approximately 4.8 billion tons per year in 2016.

a. Using the growth rate of 7% for the period 1950 to 1972, approximately what was world oil production in 1972? Round your answer to two significant digits.

b. Starting from the result of part (a), approximately how much oil would have been produced in 2016 if growth in production had continued at a rate of 7% between 1972 and 2016. Compare this result to the actual 2016 figure given above.

c. Starting from the result of part (a), approximately how much oil would have been produced in 2016 ii growth in production had proceeded at a rate of 3% between 1972 and 2016. Compare this result to the actual 2016 figure given above.

d. By trial and error, estimate the annual growth rate in the world oil production between 1972

and 20166 with an exponential function.