Problema Solution

suppose a market research company finds that aqt a price of p=20.00, they would sell x=42 tiles each month. If they lower the price to p=10.00, 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 euation using two points in the form (xp).

Answer provided by our tutors

Gradient of line, m = (p1-p2) / (x1-x2) = 20-10  /   42-52 = -10/10 = -1

p = -x + b

20 = -42 + b   so b = 62

 

p = -x + 62