math

posted by .

The price of a certain commodity is a function of supply and demand. The table below shows the price of commodity per barrel between 1995 and 2000. Find the average anual rate of change between 1998 and 2000.

Year Price/barrel
1995 $19
1996 $24
1997 $17
1998 $11
1999 $24
2000 $35
Please explain how to get the answer

  • math -

    98-99
    24 - 11 = 13
    13/11 = 1.18 = 118%

    99-00
    35 - 24 = 11
    11/24 = 0.458 = 45.8%

    (118 + 45.8)/2 = ?

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Math

    The pric of a certain commodity is a function of supply and demand. The table below shows the price of commodity per barrel between 1995 and 2000. Find the average anual rate of change between 1998 and 2000. Year Price/barrel 1995 …
  2. math

    supply and demand: for a certain commodity the supply equation is given by S=2p+5 at a price o $1, there is a demand for 19 units of the commodity. If the demand equation is linear and the market price is $3, find the demand equation
  3. math

    The demand function for a certain commodity is approximated by: p = 100e-q/2where "q" is the number of units demanded at a price of "p" dollars per unit. If there is no demand for the product, what will its price be(in dollars)?
  4. calculus

    assume that is the rate of change of the unit price of a commodity is proportional to the diference between the demand and the supply, so that dp/dt=k (D-S) where k is a constant of proportionalily. suppose that D=40-2p, S=5+3p, and …
  5. Calc

    The demand for a commodity generally decreases as the price is raised. Suppose that the demand for oil (per capita per year) is D(p)=800/p barrels, where p is the price per barrel in dollars. Find the demand when p=55. Estimate the …
  6. Math

    The demand for a commodity generally decreases as the price is raised. Suppose that the demand for oil (per capita per year) is D(p)=800/p barrels, where p is the price per barrel in dollars. Find the demand when p=55. Estimate the …
  7. calculus

    Cost of a Commodity. The price p, in dollars, of a certain commodity and the quantity x sold. Obey the demand equation. p= -1/5x+200
  8. calculus

    p=-1/5x+200 Cost of a Commodity. The price p, in dollars, of a certain commodity and the quantity x sold. Obey the demand equation. p= -1/5x+200
  9. Math -

    A)For a certain commodity the demand equation is given by D=-3p+20. At the price of $1, four units of the commodity are supplied.If the supply equation is linear and the market price is $4, find the supply equation. B) how many litres …
  10. Math

    For a certain commodity the supply equation is given by S=2p+5 At a price of $1,there is a demand for 19units of the commodity.If the demand equation is linear and the market price is $3,find the demand equation?

More Similar Questions