Question: Demand The demand for wooden chairs can be modeled as

where \(p\) is the price (in dollars) of a chair.

1. According to the model, at what price will consumers no longer purchase chairs? Is this price guaranteed to be the highest price any consumer will pay for a wooden chair? Explain.
2. Find the quantity of wooden chairs that consumers will purchase when the market price is $\$ 99.95 .$
3. Determine the amount that consumers are willing and able to spend to purchase 3 million wooden chairs.
4. Find the consumers' surplus when consumers purchase 3 million wooden chairs.

Price: $2.99

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