Problema Solution

Suppose that KJordan Tile company finds that at a price of p = $60, they would sell x = 28 tiles each month. If they lower the price to p = $40, then more people would purchase the tile, and they can expect to sell x = 38 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)).

Answer provided by our tutors

Slope = rise/run

= (42-52)/(20-10)

= -10/10

= -1

p-p1 = m(x-x1)

p-52 = -1(x-10)

p - 52 = -x + 10

p = -x + 62