SOLUTION: Suppose that a market research company finds that at a price of p = $27, they would sell x = 27 tiles each month. If they lower the price to p = $17, then more people would purchas

Question 478819: Suppose that a market research company finds that at a price of p = $27, they would sell x = 27 tiles each month. If they lower the price to p = $17, then more people would purchase the tile, and they can expect to sell x = 37 tiles in a month�s time. Find the equation of the line for the demand equation. Write your answer in the form p = mx + b.
I do not want someone to just answer the question for me, just showme how to start off. Thank you.
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
Suppose that a market research company finds that at a price of p = $27, they would sell x = 27 tiles each month.
If they lower the price to p = $17, then more people would purchase the tile, and they can expect to sell x = 37 tiles in a month�s time.
Find the equation of the line for the demand equation.
Write your answer in the form p = mx + b.
:
We will use the slope formula and the point/slope formula, but
instead of x & y, we will use x & p
Assign the given values as follows
x1 = 27; p1 = 27
x2 = 37; p2 = 17
Find the slope
m = = = -1 is the slope
Find the equation
p - 27 = -1(x - 27)
p - 27 = -x + 27
p = -x + 54 is the demand equation
:
I corrected a screw-up here, the final equation is right and unchanged, but
some mistakes in the slope equation were made, I am sorry if I confused you. C
:
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