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