SOLUTION: A consumer electronics company sells 6.7 million MP3 players per month at a price of $100 apiece; when the price is lowered to $80, the company sells 10.2 million players per month
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Question 141858: A consumer electronics company sells 6.7 million MP3 players per month at a price of $100 apiece; when the price is lowered to $80, the company sells 10.2 million players per month. How many MP3 players can the company expect to sell per month at a price of $75?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
A consumer electronics company sells 6.7 million MP3 players per month at a price of $100 apiece; when the price is lowered to $80, the company sells 10.2 million players per month. How many MP3 players can the company expect to sell per month at a price of $75?
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You have two points: (100,6.7) (80,10.2)
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slope = (6.7-10.2)/(100-80) = -3.5/20 = -0.175 million/dollars
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Form: selling # = (slope)(cost) + b
10.2 = -0.175(80) + b
b = 24.2
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EQUATION:
selling # = -0.175(cost) + 24.2
How many MP3 players can the company expect to sell per month at a price of $75?
selling#(75) = -0.175*75 + 24.2
selling#(75) = 11.075 million
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Cheers,
Stan H.
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