(a) Write the function for the exponential model that gives demand in million bottles, as a function of price per bottle p, with data from 2.29 s p ≤ 4.29. (Round all numerical values to two decimal places. Be sure you use the correct input variable p.) D(p) = Does the model indicate a price above which consumers will purchase no bottles of water? The model exponential and ---Select--- ✓the horizontal axis. Therefore there is ---Select--above which consumers will not purchase water. (b) What quantity of water will consumers purchase when the market price is $3.87? (Round your answer to two decimal places.) million bottles (c) Calculate the amount that consumers willing and able to spend to purchase the quantity found in part (b). (Round your answer to one decimal place.) $ million (d) Calculate consumer surplus when the market price is $3.87. (Round your answer to two decimal places.) $ million
(a) Write the function for the exponential model that gives demand in million bottles, as a function of price per bottle p, with data from 2.29 s p ≤ 4.29. (Round all numerical values to two decimal places. Be sure you use the correct input variable p.) D(p) = Does the model indicate a price above which consumers will purchase no bottles of water? The model exponential and ---Select--- ✓the horizontal axis. Therefore there is ---Select--above which consumers will not purchase water. (b) What quantity of water will consumers purchase when the market price is $3.87? (Round your answer to two decimal places.) million bottles (c) Calculate the amount that consumers willing and able to spend to purchase the quantity found in part (b). (Round your answer to one decimal place.) $ million (d) Calculate consumer surplus when the market price is $3.87. (Round your answer to two decimal places.) $ million
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![### Demand Schedule for Sparkling Water
The table below displays the demand for a 12-ounce bottle of sparkling water at various price points.
**Demand Schedule for Sparkling Water in 12-ounce Bottles**
| Price (dollars per bottle) | Demand (million bottles) |
|-----------------------------|-------------------------|
| 2.29 | 25 |
| 2.69 | 9 |
| 3.09 | 3 |
| 3.49 | 2 |
| 3.89 | 1 |
| 4.29 | 0.5 |
#### (a) Exponential Demand Function
Write the function for the exponential model that gives demand \(D\) in million bottles, as a function of price per bottle \(p\), with data from 2.29 ≤ \(p\) ≤ 4.29. (Round all numerical values to two decimal places. Be sure you use the correct input variable \(p\).)
\[ D(p) = \]
Does the model indicate a price above which consumers will not purchase any bottles of water?
The model is exponential and
<select>
<option>asymptotic to</option>
<option>intercepts</option>
</select>
the horizontal axis. Therefore, there is
<select>
<option>a price</option>
<option>no price</option>
</select>
above which consumers will not purchase water.
#### (b) Quantity of Water Purchased at $3.87
What quantity of water will consumers purchase when the market price is $3.87? (Round your answer to two decimal places.)
\[ \text{Consumers will purchase } \underline{\phantom{0000000}} \text{ million bottles} \]
#### (c) Total Amount Spent by Consumers
Calculate the amount that consumers are willing and able to spend to purchase the quantity found in part (b). (Round your answer to one decimal place.)
\[ \$\underline{\phantom{000000000}} \]
#### (d) Consumer Surplus
Calculate consumer surplus when the market price is $3.87. (Round your answer to two decimal places.)
\[ \$\underline{\phantom{000000000}} \text{ million} \]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbcfa3f98-eb44-4f4d-86d7-8c297108b84f%2Fd4e798fa-e506-4860-8ae5-e3457eccb979%2Fon1ue7p_processed.png&w=3840&q=75)
Transcribed Image Text:### Demand Schedule for Sparkling Water
The table below displays the demand for a 12-ounce bottle of sparkling water at various price points.
**Demand Schedule for Sparkling Water in 12-ounce Bottles**
| Price (dollars per bottle) | Demand (million bottles) |
|-----------------------------|-------------------------|
| 2.29 | 25 |
| 2.69 | 9 |
| 3.09 | 3 |
| 3.49 | 2 |
| 3.89 | 1 |
| 4.29 | 0.5 |
#### (a) Exponential Demand Function
Write the function for the exponential model that gives demand \(D\) in million bottles, as a function of price per bottle \(p\), with data from 2.29 ≤ \(p\) ≤ 4.29. (Round all numerical values to two decimal places. Be sure you use the correct input variable \(p\).)
\[ D(p) = \]
Does the model indicate a price above which consumers will not purchase any bottles of water?
The model is exponential and
<select>
<option>asymptotic to</option>
<option>intercepts</option>
</select>
the horizontal axis. Therefore, there is
<select>
<option>a price</option>
<option>no price</option>
</select>
above which consumers will not purchase water.
#### (b) Quantity of Water Purchased at $3.87
What quantity of water will consumers purchase when the market price is $3.87? (Round your answer to two decimal places.)
\[ \text{Consumers will purchase } \underline{\phantom{0000000}} \text{ million bottles} \]
#### (c) Total Amount Spent by Consumers
Calculate the amount that consumers are willing and able to spend to purchase the quantity found in part (b). (Round your answer to one decimal place.)
\[ \$\underline{\phantom{000000000}} \]
#### (d) Consumer Surplus
Calculate consumer surplus when the market price is $3.87. (Round your answer to two decimal places.)
\[ \$\underline{\phantom{000000000}} \text{ million} \]
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Step 1: Part (a) Function for the exponential model that gives demand in million bottles.
VIEWStep 2: Part (b) Quantity of water consumer will purchase when price is $3.87.
VIEWStep 3: Part (c) Amount that consumers willing and able to spend to purchase the quantity found in part (b).
VIEWStep 4: Part (d) Consumer surplus when price is $3.87.
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