SOLUTION: 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 purc

Question 188040: 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)).
I really need assistance with this problem. I would really appreciate any help you can offer me in solving this problem.
Answer by jojo14344(1513) (Show Source): You can put this solution on YOUR website!

Take given: (x1,p1)=> (42,$20);; (x2,p2)=> (52,$10)
We get the Slope via Point Slope Form
Substituting,

Thru point (42,20) via Slope-Intercept Form, y=mx+b ==> p=mx+b

---> , Price (Y) Intercept

*Also the same when you try point (52,10) for the Price Intercept.

It follows ==> p=-x+62, Answer
We see graph,

Thank you,
Jojo
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