Consider the extraction of oil from a well. Let x(t) be the rate of extraction in...

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Consider the extraction of oil from a well. Let x(t) be the rate of extraction in barrels per day and p(t) the price in dollars per barrel at time t. Then R(t) = p(t)x(t) is the revenue in dollars per day. Find an expression for R(t), and give it an economic interpretation in the case when p(1) and x(1) are both increasing. Consider the extraction of oil from a well. Let x(t) be the rate of extraction in barrels per day and p(t) the price in dollars per barrel at time t. Then R(t) = p(t)x(t) is the revenue in dollars per day. Find an expression for R(t), and give it an economic interpretation in the case when p(1) and x(1) are both increasing.