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Question 1185276: Suppose that 650lb of coffee are sold when the price is $4 per pound, and 400lb are sold at $8 per pound.
A. List the data points
B. Find the slope of the line joining the points
C. Interpret the meaning of the slope in the context of this problem.
D. Use the point slope form to write a linear equation for this data
E. Use this function to predict how much consumers would be willing to buy at a price of $6 per pound
Answer by greenestamps(13200)   (Show Source):
You can put this solution on YOUR website!
The number of pounds of coffee sold depends on the price, so the price is the independent variable (x) and the number of pounds sold is the dependent variable (y).
A. (4,650) and (8,400)
B. The slope is the change in pounds sold, divided by change in price, between the two data points. You can do the calculations. Note that (logically) the number of pounds sold decreases as the price increases, so your answer for the slope should be negative.
C. See the discussion above for B
D. Point-slope form: y-y(1)=m(x-x(1))
x(1) and (y(1) you can get from A; the slope m you found in B
E. Plug x=6 into your equation from D. Note that $6 is halfway between $4 and $8; with a linear function the number of pounds sold should be halfway between 650 and 400, which is 525.
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