Question 146890: Please help me with this assignment. I will post the question below. I am having difficulty building an equation out of a word problem.
1. In this problem, we will analyze the profit found 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 available on the open market. Often, the demand equation is found empirically (through experiment, or market research).
a. 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. (Hint: Write an equation using two points in the form (x,p)).
The homework continues but I need a help in jump starting my brain.
Chris
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! a. 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. (Hint: Write an equation using two points in the form (x,p)).
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Points: (42,20) and (52,10)
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slope = (10-20)/(52-42) = -10/10 = -1
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p = mx+b where m = -1 and p=20 when x=42; solve for "b":
20 = -1*42 + b
b = 62
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EQUATION:
p = -x + 42
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Cheers,
Stan H.
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