The demand for ceiling fans can be modeled below as D(p) = 25.22(0.9962) thousand ceiling fans where p is the price (in dollars) of a ceilling fan. (a) According to the model, is there a price above which consumers will no longer purchase fans? Explain why or why not. The model is exponential and does not cross the horizontal axis. Therefore there is no price above which consumers will not purchase a ceiling fan. (b) Calculate the amount that consumers are willing and able to spend to purchase 18 thousand ceiling fans. (Round your answer to three decimal places.) $ 0.729 X thousand (c) How many fans will consumers purchase when the market price is $100? (Round your answer to three decimal places.) 24.968 X thousand fans (d) Find the consumers' surplus when the market price is $100. (Round your answer to three decimal places.) thousand
The demand for ceiling fans can be modeled below as D(p) = 25.22(0.9962) thousand ceiling fans where p is the price (in dollars) of a ceilling fan. (a) According to the model, is there a price above which consumers will no longer purchase fans? Explain why or why not. The model is exponential and does not cross the horizontal axis. Therefore there is no price above which consumers will not purchase a ceiling fan. (b) Calculate the amount that consumers are willing and able to spend to purchase 18 thousand ceiling fans. (Round your answer to three decimal places.) $ 0.729 X thousand (c) How many fans will consumers purchase when the market price is $100? (Round your answer to three decimal places.) 24.968 X thousand fans (d) Find the consumers' surplus when the market price is $100. (Round your answer to three decimal places.) thousand
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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calculus help please ? 18 thousand ceiling fans
Transcribed Image Text:The demand for ceiling fans can be modeled below as
D(p) = 25.22(0.9962) thousand ceiling fans
where p is the price (in dollars) of a ceilling fan.
(a) According to the model, is there a price above which consumers will no longer purchase fans? Explain why or why not.
The model is exponential and does not cross
the horizontal axis. Therefore there is no price above which consumers will not purchase a ceiling fan.
(b) Calculate the amount that consumers are willing and able to spend to purchase 18 thousand ceiling fans. (Round your answer to three decimal places.)
$ 0.729
X thousand
(c) How many fans will consumers purchase when the market price is $100? (Round your answer to three decimal places.)
24.968
X thousand fans
(d) Find the consumers' surplus when the market price is $100. (Round your answer to three decimal places.)
thousand
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