Market research has shown that at a price of $230, 100 number of plasma TV’s are sold and if the price is reduced to $190, then 200 number of TV’s are sold. Find the equation that represents this demand curve and state in the form of p=mx+b (Slope Intercept Form of a Linear Equation).

Question

Market research has shown that at a price  of $230, 100 number of plasma TV’s are sold and if the price is reduced to $190, then 200 number of TV’s are sold.  Find the equation that represents this demand curve and state in the form of p=mx+b (Slope Intercept Form of a Linear Equation).

bobpursley · Answer

190=200m+b 230=100m+b subtract the first equation frmo the second. 40=-100m m= -.4 now, put that m into either equation, and solve for b.