Graphing Two Variables Paper
Math/219
This graph shows the relationship between time and the demand for oil worldwide.
Time and World Oil Consumption Graph
Time represents the x-axis. World Consumption represents y-axis.
Reference:
Short-Term Energy Outlook, October 2014
http://www.eia.gov/forecasts/steo/data.cfm?type=figures
Graphing Two Variables Paper
Oil will always follow the supply and demand law. According to Economics Basics: Supply and Demand (2014, para.1), “Demand refers to how much (quantity) of a product or service is desired by buyers. The quantity demanded is the amount of a product people are willing to buy at a certain price; the relationship between price and quantity demanded is known as the demand relationship. Supply represents how much the market can offer. The quantity supplied refers to the amount of a certain good producers are willing to supply when receiving a certain price.” This graph shows increases in worldwide use and consumption at a given time. The two variables will show how that these types of variables can stay almost the same. The first variable x is the time for oil. The second variable y is the consumption of oil. The equation can be plotted on the graph as a straight line as a linear equation. The linear equation for this graph is y = ax + b same as mx +b, where a = 5.01 and b = 342.
The time and consumption will always be important to the price of oil which influences what is paid for fuels such as gasoline, heating oil, propane, and diesel. Time is a determining factor in how much oil that is used. Consumption is very important when it comes to time. There are certain times of the year, such as the month of September when the consumption of oil is much lower than any other time of the year and during this time there is a much higher supply of oil that is available. If there is more consumption of oil it will definitely...