document.write( "Question 179544: In this problem, we will analyze the profit fournd 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 avaialable on the open market. Often, the demand equation is found empirically (through experiment, or market research).
\n" ); document.write( "Suppose that a market research company finds that 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 and equation using two points in the form (x,p)).
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Algebra.Com's Answer #134498 by stanbon(75887) $\"\"$ $\"About$

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Suppose that a market research company finds that 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 and equation using two points in the form (x,p)).
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\n" ); document.write( "You have two points relating price to # of tiles: (42,20) and (52,10)
\n" ); document.write( "slope = (10-20)/(52-42) = -10/10 = -1
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\n" ); document.write( "Form is y = mx + b and you know x,y, and m ; solve for \"b\".
\n" ); document.write( "10 = -1(52) + b
\n" ); document.write( "b = 62
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\n" ); document.write( "Equation:
\n" ); document.write( "y = -x + 62
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\n" ); document.write( "\n" ); document.write( "Cheers,
\n" ); document.write( "Stan H. \n" ); document.write( "

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