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The price of fuel may increase due to demand and decrease due to overproduction. Marco is studying the change in the price of two types of fuel, A and B, over time.

The price f(x), in dollars, of fuel A after x months is represented by the function below:

f(x) = 2.27(0.88)x

Part A: Is the price of fuel A increasing or decreasing and by what percentage per month? Justify your answer.

Part B: The table below shows the price g(m), in dollars, of fuel B after m months:

m (number of months) 1 2 3 4

g(m) (price in dollars) 3.44 3.30 3.17 3.04

Which type of fuel recorded a greater percentage change in price over the previous month? Justify your answer.

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Sofiaq5 Sofiaq5 · Answer 1 · 2021-09-21T17:04:25+02:00

Answer:

A) The price of product A is increasing by 3% per year.

(B) The product A recorded a greater percentage change in price over the previous year.

Step-by-step explanation:

(A)

The function representing the price, in dollars, of product A after x years is:

FA(x)=0.69*(1.03)x

The function FA(x)can be written as:

FA(x)=0.69*1+(0.03)x

The function FA(x) is similar to the exponential growth function, y=a(1+r)x .

Here r is the growth rate.

Thus, it can be said that the price of product A is increasing by 3% per year.

(B)

Consider the data of product B for the year 3 and 4.

The price of product B for year 3 and 4 are 10,303.01 and 10,406.04.

Compute the percent price change from year 3 to 4 as follows:

10406.04-10303.01/10303.01*100

which is 0.999%

~1%

The price of product B is increasing by 1% per year.

Thus, the product A recorded a greater percentage change in price over the previous year.