SOLUTION: Suppose that when the price of a certain coffee is $11 per pound, 7.5 million pounds of coffee are sold; and when that price is $16 per pound, 6.0 million pounds are sold. Let the
Question 1188791: Suppose that when the price of a certain coffee is $11 per pound, 7.5 million pounds of coffee are sold; and when that price is $16 per pound, 6.0 million pounds are sold. Let the function f(x) represent the amount of coffee sold in millions of pounds where x is the price per pound in dollars.
a) Find a linear function for f(x) that fits the data.
b) How much of this coffee are consumers willing to buy at a price of $8 per pound? Answer by ikleyn(52803) (Show Source):
The answer to the first question is this standard interpolation/extrapolation linear function
through the points (11,7.5) and (16,6.0)
f(x) = 7.5 + = 7.5 - = 7.5 - 0.3*(x-11),
where the right side represents millions of pounds coffee sold.
To answer the second question, substitute x= 8 dollars into the formula and calculate f(8).
