Which of the following is not one of the categories of which the CPI market basket consists?
2 answers:
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Let the year represents x axis and consumption represents y axis.
Since 2010 is the initial year, x=0
and 2013 is third year , so x=3
Co-ordinates are (0,8.938)(3,10.480)
Exponential formula is
Putting the value of x in the above formula from 1st coordinate,
As = 1
this gives a= 8.938
Now using the 2nd coordinate
putting the value of a in it we have
taking cube roots on both sides we get
b= 1.05448
Now putting the values of a and b in the exponential formula-
In the year 2028, x=28
so,
y= 39.474
Hence oil consumption per day in 2028 will be 39.474 million barrels.