Question 135936: I do not understand how to set up this equation.
A consumer electronics company sells 6.7 million MP3 players per month at a price of $100 a piece; when the price is lowered to $80, the company sells 10.2 million players per month. How many MP3 players can the company expect to sell per month at a price of $75?
Thank you!!
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! A consumer electronics company sells 6.7 million MP3 players per month at a price of $100 a piece; when the price is lowered to $80, the company sells 10.2 million players per month. How many MP3 players can the company expect to sell per month at a price of $75?
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You have two points: (100,6.7) and (80,10.2)
slope = (10.2-6.7)/(80-100) = -7/40
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Form: y = mx + b
You have y,x,m; solve for "b":
6.7 = (-7/40)*100 + b
b = 6.7 + 17.5
b = 24.2
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EQUATION:
# sold = (-7/40)x +24.2 million where x is price per unit
#(75) = (-7/40)*75 + 24.2
#(75) = 11.075 million
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Cheers,
Stan H.
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