One of the components of the U.S. real gross domestic product (GDP) is real national consumption. Using
Question:
One of the components of the U.S. real gross domestic product (GDP) is real national consumption. Using U.S. Energy Administration data for selected years from 2014 and projected to 2040, this real consumption (in trillions of dollars) can be modeled by the function
C(t) = 10.2 e0.0227t
where t is the number of years after 2010.
(a) Is this model one of exponential growth or exponential decay? Explain.
(b) Graph this equation with a graphing utility to show the graph from 2010 through the year 2050.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Mathematical Applications For The Management, Life And Social Sciences
ISBN: 9781337625340
12th Edition
Authors: Ronald J. Harshbarger, James J. Reynolds
Question Posted: