Question

At the beginning of 1990, oil prices were $30 a barrel. Some oil investors predicted that the price of oil would increase by $5 a barrel per year.
In the beginning of 2005, the price of oil was $20 a barrel. With increasing demand for oil around the world, oil investors in 2005 predicted that the price of oil would increase by $2.25 a barrel each year.

Answer 1

The linear equations are:

• The price of oil from 1990: y = 30 + 5x
• The price of oil from 2005: y = 20 + 2.25x

How to determine the linear equations

A linear equation is represented as: y = mx + c

Where:

• m represents the rate
• c represents the initial value.

At the beginning of 1990, we have the following parameters

• Rate: m = 5
• Initial value: c =30

So, the linear equation is:

y = 30 + 5x

At the beginning of 2005, we have the following parameters

• Rate: m = 2.25
• Initial value: c =20

So, the linear equation is:

y = 20 + 2.5x

Hence, the linear equations are y = 30 + 5x and y = 20 + 2.5x

Read more about linear equations at:

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