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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. Write an equation using two points in the form (x,p)
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\n" ); document.write( "The problem basically gives you two points:
\n" ); document.write( "p = $20 when x = 42
\n" ); document.write( "and
\n" ); document.write( "p = $10 when x = 52
\n" ); document.write( ".
\n" ); document.write( "The two points they gave you then are:
\n" ); document.write( "(42,20)
\n" ); document.write( "and
\n" ); document.write( "(52,10)
\n" ); document.write( ".
\n" ); document.write( "slope (given two points) is:
\n" ); document.write( "m = (20-10)/(42-52) = 10/(-10) = -1
\n" ); document.write( ".
\n" ); document.write( "The problem asked you to put it in the form of:
\n" ); document.write( "p = mx + b
\n" ); document.write( "plug in one (42,20) of the two given points (doesn't matter which) and the slope to solve for 'b':
\n" ); document.write( "20 = (-1)(42) + b
\n" ); document.write( "20 = -42 + b
\n" ); document.write( "62 = b
\n" ); document.write( ".
\n" ); document.write( "Pulling it all together we have then:
\n" ); document.write( "p = -x + 62\r
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