Question

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	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 places.)
D(p) =

1520.42(0.15p)

(b) What quantity of water will consumers purchase when the market price is $2.47? (Round your answer to two decimal places.)

(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.)


(d) Calculate consumer surplus when the market price is $2.47. (Round your answer to two decimal places.)

Answer 1