SOLUTION: A real estate office handles an apartment complex with 50 units. When the rent per unit is $580 per month, all 50 units are occupied. However, when the rent is $625 per month, the
Algebra.Com
Question 70690This question is from textbook College Algebra
: A real estate office handles an apartment complex with 50 units. When the rent per unit is $580 per month, all 50 units are occupied. However, when the rent is $625 per month, the average number of occupied units drops to 47. Assume that the relationship between the monthly rent (p) and the demand (x) is linear.
A) Write the euqation of the line giving the demand (x) in terms of the rent (p).
This question is from textbook College Algebra
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
A real estate office handles an apartment complex with 50 units. When the rent per unit is $580 per month, all 50 units are occupied. However, when the rent is $625 per month, the average number of occupied units drops to 47. Assume that the relationship between the monthly rent (p) and the demand (x) is linear.
:
Since the equation will be linear, we only need two coordinates to write the equation.
They are given, we can assign the values x = no.of units and y = rent:
x1 = 50, y1 = 580
and
x2 = 47, y2 = 625
:
Find the slope: m = (y2-y1)/(x2-x1)
m = (625-580)/(47 - 50) = 45/-3 = -15 is the slope (m)
:
A) Write the equation of the line giving the demand (x) in terms of the rent (p)
Use the point/slope equation
:
Using the point/slope formula: y - y1 = m(x - x1)
y - 580 = -15(x - 50)
:
y - 580 = -15x + 750
:
y = -15x + 750 + 580
:
y = -15x + 1330
or
p(x) = -15x + 1330
RELATED QUESTIONS
A real estate office handles an apartment complex with 50 units. When the rent per unit... (answered by richwmiller)
A real estate office handles 50 apartment units. When the rent is $540 per month, all... (answered by ankor@dixie-net.com)
Rental Demand:A real estate office handles an apartment complex with 50 units. When the... (answered by ankor@dixie-net.com)
A real estate handles an apartment complex with 1000 units
when the rent per unit is... (answered by ankor@dixie-net.com)
A real estate manages 80 apartment units. When the rent of each unit is $180 per month,... (answered by ikleyn)
Bob owns many identical apartment units. When rent is 1000 dollars per month per
unit... (answered by Theo)
The owner of an apartment building with 50 units has found that if the rent for each unit (answered by Theo)
an apartment contains 12 units consisting of one and two bedroom apartments that rent for (answered by rfer)
The manager of a large apartment complex knows from experience that 120 units will be... (answered by josmiceli)