SOLUTION: I am having problems with this question.
Suppose that a market research company finds that a price of p=$20, they sell x=42 tiles each month. If they lower the price to p=$10, the
Algebra.Com
Question 137915: I am having problems with this question.
Suppose that a market research company finds that a price of p=$20, they sell x=42 tiles each month. If they lower the price to p=$10, then more people would purchase the tile, and they can expect to sell x=52 tiles in a month's time. Find the equation of the line for the demand equation. Write your answe in the p=mx+b. I think I am getting this wrong. I think the equation looks like $20 = m(42)+b if this is wrong please send me the proper equation. Thank you if you can help.
This is not in a book.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Suppose that a market research company finds that a price of p=$20, they sell x=42 tiles each month. If they lower the price to p=$10, then more people would purchase the tile, and they can expect to sell x=52 tiles in a month's time. Find the equation of the line for the demand equation. Write your answe in the p=mx+b. I think I am getting this wrong. I think the equation looks like $20 = m(42)+b if this is wrong please send me the proper equation. Thank you if you can help.
---------------------
You have two points relating price and sales:
(42,20) and (52,10)
slope = (10-20)/(52-42) = -10/10 = -1
-------------
Equation form p = mx+b;
you have p,x and m; solve for b
20=-1*42 + b
20 = -42 + b
b = 62
----------
EQUATION:
p = -x + 62
-------------
Your work is correct.
Cheers,
Stan H.
RELATED QUESTIONS
This is a word problem that I am having difficulty with.
Suppose a market research... (answered by jsmallt9)
Topic: Sales of widgets
I need help in understanding word problems. I need to find an... (answered by htmentor)
A market research company finds that at a price of p=$20., they would sell x=42 tiles... (answered by Theo)
Suppose a market research company finds that a price of p=$20, they would sell x=42 tiles (answered by stanbon)
Please help me with this assignment. I will post the question below. I am having... (answered by stanbon)
a. Suppose that a market research company finds that at a price of p = $20, they would... (answered by jojo14344)
I need a demand equation for the following: Suppose that a market research company finds... (answered by gonzo)
Just wanting to see if I am doing this right?
In this problem, we analyze the profit... (answered by richwmiller)
Good Morning, I really need help with this problem: I am unsure of where to even begin.... (answered by nerdybill)