Question 290396: a. Suppose 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 stanbon(75887)   (Show Source):
You can put this solution on YOUR website! a. Suppose 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).
(42,20) and (52,10)
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slope = (10-20)/(52-42) = -1
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Form: p = mx+b
You know m = -1 and y = 20 when x = 42.
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20 = -42 + b
b = 62
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Equation:
p = -x + 62
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Cheers,
Stan H.
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