[Solution] Demand The demand for ceiling fans can be modeled as D(p)=25.92(0.996^p) thousand ceiling fans where p is the price (in dollars) of a ceiling


Question: Demand The demand for ceiling fans can be modeled as \(D(p)=25.92\left(0.996^{p}\right)\) thousand ceiling fans where \(p\) is the price (in dollars) of a ceiling fan.

  1. According to the model, is there a price above which consumers will no longer purchase fans? If so, what is it? If not, explain why not.
  2. Find the amount that consumers are willing and able to spend to purchase 18 thousand ceiling fans.
  3. Find the quantity of fans that consumers will purchase when the market price is $\$ 100$.
  4. Find the consumers' surplus when the market price is $\$ 100$.

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Solution: The downloadable solution consists of 1 pages
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