SOLUTION: Suppose a market research company finds that at 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 c

Algebra ->  Customizable Word Problem Solvers  -> Misc -> SOLUTION: Suppose a market research company finds that at 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 c      Log On

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Question 621207: Suppose a market research company finds that at 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 sellx=52 tiles in a month. Find the equation of the line for the demand equation.
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
I would plot p, price/tile on the vertical axis and
tiles sold/month on the horizontal
You are given 2 points on a straight line:
( 42, 20 )
( 52, 10 )
Use the point-slope formula
+%28+p+-+10+%29+%2F+%28+x+-+52+%29+=+%28+20+-+10+%29+%2F+%28+42+-+52+%29+
++%28+p+-+10+%29+%2F+%28+x+-+52+%29+=+10+%2F+%28-10%29+
++%28+p+-+10+%29+%2F+%28+x+-+52+%29+=+-1+
+p+-+10+=+-x+%2B+52+
+p+=+-x+%2B+62+
Here's a plot:
+graph%28+400%2C+400%2C+-10%2C+100%2C+-10%2C+100%2C+-x+%2B+62+%29+