Question

Suppose that a market research company finds that at a price of p=$25, they would sell x= 53 tiles each month. If they lower the price to p=$15, then more people will purchase the tile, and they can expect to sell x = 63 tiles month’s time. Find the equation of the line for the demand equation. Write the answer in the form p=mx+b

Answer 1

Solve these two simultaneous equations for m and b:

25 = 53 m + b
15 = 63 m + b

10 = -10 m
m = -1
15 = -63 + b
b = 78

p = -x + 78