SOLUTION: A research market 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 c

Question 548279: A research market 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 I need the equation of the line for the demand equation and then a answer using the form p=mx+b . I have to write an equation using two points in the form (x,p)
Answer by Sarpi(32) (Show Source): You can put this solution on YOUR website!
The equation of a straight line is y = mx + c and the answer needs to be in the form p = mx + c. so y=p
if x = 42 then p = 20 and
if x = 52 then p = 10
However, we find the slope or 'change' in these figures in order to write a linear equation.
slope m = ; X1= 42, X2= 52, P1= 20 and P2= 10
m =
m = therefore the slope = -1
The equation is p = mx+c where m=slope,and c =constant.
We solve for c given x= 42, p = 20 (or can choose the other pair) and m= -1
p = mx + c
20 = -1*42 + c
20 = -42 + c
20+42 = c
therefore c = 62
Hence the demand equation giving the price (p) in terms of quantity (x) is
p = -x + 62
RELATED QUESTIONS
Suppose a market research company finds that at p=$20, they would sell x=42 tiles each... (answered by josmiceli)

a. Suppose that a market research company finds that at a price of p = $20, they would... (answered by stanbon)

a. Suppose that a market research company finds that at a price of p = $20, they would... (answered by MissionPossible)

a. Suppose that a market research company finds that at a price of p = $20, they would... (answered by Theo)

Suppose that a market research company finds that at a price of p = $20, they would sell... (answered by stanbon)

Suppose that a market research company finds that at a price of p = $20, they would sell... (answered by drk)

a. Suppose a market research company finds that at a price of p = $20, they would sell x... (answered by stanbon)

Suppose a market research company finds that at a price of p = $50, they would sell x =... (answered by stanbon)

Suppose that a market research company finds that at a price of p=$20, they would sell... (answered by nerdybill)

suppose a market research company finds that at a price of p=$20, they would sell x=42... (answered by robertb)