SOLUTION: Just wanting to see if I am doing this right? In this problem, we analyze the profit found for sales of decorative tiles. A demand equation (sometimes called a demand curve) show

Question 614207: Just wanting to see if I am doing this right?
In this problem, we 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).
Suppose 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).
p= -x+62

Answer by richwmiller(17219) (Show Source): You can put this solution on YOUR website!
the two points are (42,20) and (52,10)

Solved by pluggable solver: Finding the Equation of a Line

First lets find the slope through the points (,) and (,)

Start with the slope formula (note: (,) is the first point (,) and (,) is the second point (,))

Plug in ,,, (these are the coordinates of given points)

Subtract the terms in the numerator to get . Subtract the terms in the denominator to get

Reduce

So the slope is

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Now let's use the point-slope formula to find the equation of the line:

------Point-Slope Formula------
where is the slope, and (,) is one of the given points

So lets use the Point-Slope Formula to find the equation of the line

Plug in , , and (these values are given)

Distribute

Multiply and to get . Now reduce to get

Add to both sides to isolate y

Combine like terms and to get

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Answer:

So the equation of the line which goes through the points (,) and (,) is:

The equation is now in form (which is slope-intercept form) where the slope is and the y-intercept is

Notice if we graph the equation and plot the points (,) and (,), we get this: (note: if you need help with graphing, check out this solver )

Graph of through the points (,) and (,)

Notice how the two points lie on the line. This graphically verifies our answer.

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