SOLUTION: I need help with this math Problems.. Please? I'm getting desperate.
Suppose a market research company finds that at a price of p = $22, they would sell x = 42 tiles each month
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-> SOLUTION: I need help with this math Problems.. Please? I'm getting desperate.
Suppose a market research company finds that at a price of p = $22, they would sell x = 42 tiles each month
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Question 590907: I need help with this math Problems.. Please? I'm getting desperate.
Suppose a market research company finds that at a price of p = $22, they would sell x = 42 tiles each month. If they lower the price to p = $12, 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). A company’s revenue is the amount of money that comes in from sales, before business costs are subtracted. For a single product, you can find the revenue by multiplying the quantity of the product sold, x, by the demand equation, p.
Substitute the result you found from part a. into the equation R = xp to find the revenue equation. Provide your answer in simplified form
You have been given the data to form two ordered pairs of the form . So form the two ordered pairs.
Then use the two-point form of an equation of a line to create the desired equation:
where and are the coordinates of the given points. It doesn't matter which ordered pair is number 1 and which is number 2; the result will be the same either way.
Then do the arithmetic and re-arrange so that the equation is in the form . Hint: and .
For the revenue equation part, once you have calculated the appropriate numbers for and substitute the specific in place of in
John
My calculator said it, I believe it, that settles it
