SOLUTION: 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,

Algebra ->  Polynomials-and-rational-expressions -> SOLUTION: 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,      Log On


   

Question 398167: 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 months time. find the equation of the line for the demand equation. write your answer in the form p= mx+b. write an equation using two points in the form (x,p)
Answer by robertb(5830) About Me  (Show Source):
You can put this solution on YOUR website!
Slope = (10 - 20)/(52 - 42) = -10/10 = -1.
Hence the equation of the line is p = -x + b. To find b, use the point (42,20) (or (52,10)).
20 = -42 + b ==> b = 62
Therefore the equation is p = -x + 62.