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).

Answer 1

20 = m*42 + b
10 = m*52 + b

10 = -10m
m = -1
20 = -42 + b
b = 62

p = -x + 62

Answer 2

Thanks drwls