Question: ( a ) According to the model, is there a price above which consumers will no longer purchase fans? Explain why or why not. The
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 Selectcrossesdoes not cross the horizontal axis. Therefore there Selectis a priceis 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 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
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