Question 206444: This question is from an Appendix for an assignment I need to turn in. Can you please help me with the steps to complete the answer? (The question has copied and pasted into this box.)
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)).
Thank you,
Snoopyg
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! 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), (52,10)
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slope = (10-20)/(52-42) = -10/10 = -1
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intercept:
Using the form p = mx + b you get 10 = -1*52+b
b = 62
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Equation:
p(x) = -x + 62
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Cheers,
Stan H.
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