Question 611940: Suppose a market research company finds that at a price of p = $50, they would sell x = 60 tiles each month. If they lower the price to p = $45, then more people would purchase the tile, and they can expect to sell x = 75 tiles in a month's time. Find the equation of the line using p = mx+b Please help! Thank you.
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Suppose a market research company finds that at a price of p = $50, they would sell x = 60 tiles each month. If they lower the price to p = $45, then more people would purchase the tile, and they can expect to sell x = 75 tiles in a month's time. Find the equation of the line using p = mx+b
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You have 2 points: (60,50) and (75,45)
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Slope = (45-50)/(75-60) = -5/15 = -1/3
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p = mx + b
Solve for "b":
50 = (-1/3)60 + b
30 = b
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Equation:
p = (-1/3)x + 30
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Cheers,
Stan H.
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