SOLUTION: 1. In this problem, we will analyze the profit found for sales of decorative tiles. A demand equation (sometimes called a demand curve) shows how much money people would pay for a

Question 174289: 1. In this problem, we will analyze the profit found for sales of decorative tiles. A demand equation (sometimes called a demand curve) shows how much money people would pay for a product depending on how much of that product is available on the open market. Often, the demand equation is found empirically (through experiment, or market research).
a. Suppose that a market research company finds that at a price of p = $20, they would 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 answer in the form p = mx + b. (Hint: Write an equation using two points in the form (x,p)).

Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
Your two points in (,) form are (,) = (42,20) and (,) = (52,10).

The two-point form of the equation of a line is , except in this case you would substitute for .

Substitute the coordinate values into . Then do the indicated arithmetic and finally solve the equation for to end up with your equation in slope-intercept () form.
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