Energy Consumption: Oil Consumption Rate
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In 2000, the US accounted for one-fourth of the total world energy consumption and both the US and world rates were growing at a 3.5 percent annual rate. Suppose the US cut its growth rate to 1.1 percent, while the rest of the world growth propelled by the needs of developing countries, continued to increase by the historic rate. What would be the US share of total consumption in 2050 (in percent)?
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Solution Summary
The solution discusses how to apply geometric series to the problem of oil consumption. Formula and calculations are identified and work and answers are shown.
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Let's say that the US consumption in 2000 is x.
The rest of the world's consumption is therefore 3x
Together the total consumption is x+3x=4x and x (US consumption) is 25% of the total.
Now, every year the US consumption grows by r from the #previous# year.
Let n denote the ...
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