The demand for a 12-ounce bottle of sparkling water is given in the table. 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 21 3.89 4.29 0.5 (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 ps4.29. (Round all numerical values to two decimal pla 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 is exponential and does not cross v the horizontal axis. Therefore there is no price above which consumers will not purchase water. (b) What quantity of water will consumers purchase when the market price is $3.81? (Round your answer to two decimal places.) X 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.) $. X million
The demand for a 12-ounce bottle of sparkling water is given in the table. 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 21 3.89 4.29 0.5 (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 ps4.29. (Round all numerical values to two decimal pla 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 is exponential and does not cross v the horizontal axis. Therefore there is no price above which consumers will not purchase water. (b) What quantity of water will consumers purchase when the market price is $3.81? (Round your answer to two decimal places.) X 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.) $. X million
Chapter6: Exponential And Logarithmic Functions
Section6.8: Fitting Exponential Models To Data
Problem 2TI: Sales of a video game released in the year 2000 took off at first, but then steadily slowed as time...
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Transcribed Image Text:The demand for a 12-ounce bottle of sparkling water is given in the table.
Demand Schedule for Sparkling Water in
12-ounce Bottles
Price
Demand
(dollars per bottle)
(million bottles)
2.29
25
2.69
9.
3.09
3.49
2
3.89
1
4.29
0.5
(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 < p< 4.29. (Round all numerical values to two decimal pla
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 is exponential and does not cross
the horizontal axis. Therefore there is no price above which consumers will not purchase water.
(b) What quantity of water will consumers purchase when the market price is $3.81? (Round your answer to two decimal places.)
X 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.)
X million
(d) Calculate consumer surplus when the market price is $3.81. (Round your answer to two decimal places.)
24
million
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