(Solved): The demand for ceiling fans can be modeled below as D(p)=25.82(0.996^(p)) thousand ceiling fans whe ...

The demand for ceiling fans can be modeled below as

where

is the price (in dollars) of a ceiling 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

1 -

5] the horizontal axis. Therefore there

above which consumers will not purchase a ceiling fan. (b) Calculate the amount that consumers are willing and able to spend to purchase 15 thousand ceiling fans. (Round your answer to three decimal places.) $

thousand (c) How many fans will consumers purchase when the market price is

? (Round your answer to three decimal places.)

thousand fans (d) Find the consumers' surplus when the market price is

. (Round your answer to three decimal places.) $

thousand