Question 250616: 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)).
Answer by drk(1908)   (Show Source):
You can put this solution on YOUR website! You have two coordinates here, but be careful, we want them in (X,p) form: (42,20) and (52,10).
step 1: we must find the slope with the formula:
* m = -1
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step 2: find b value using Y = mx + b and a point from above. I will choose (42,20)
20 = -1(42) + b
** b = 62
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step 3: y= mx + b. Put in m and b information.
P = -1X + 62.
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