a. Suppose a market research company finds that at a price of 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 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 equation using two points in the form (x,p).

Question

a.	Suppose a market research company finds that at a price of 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 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 equation using two points in the form (x,p).

anonymous · Answer

p = -x +62

anonymous · Answer

how would you write the equation using the two points?

anonymous · Answer

for p = 20, x = 42
for p = 10, x = 52
so you have two points (42,20) and (52,10)
the general slope intercept form of a line is 
p = mx+b
substitute your two points in x and p
and find the values of m and b
two equations, two unknowns