Question 355023: Suppose a market research company finds that 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. How do I do this problem. Could you give me an example. Thank you.
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Suppose a market research company finds that 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.
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You have two points relating x and p: (42,20) and (52,10)
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slope = (10-20)/(52-42) = -1
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Form: p = mx + b
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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