1. In this problem, we analyze the profit found for sales of decorative tiles. A
ID: 3105856 • Letter: 1
Question
1. In this problem, we analyze the profit found for sales of decorative tiles. A demand equation (sometimes called a demand curve) shows how much money people would pay for a product depending on how much of that product is available on the open market. Often, the demand equation is found empirically (through experiment, or market research).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. Hint: Write your answer in the form
p = mx + b.
20.00 = 42m + b - Is that correct to start?
Please walk me through the simplest solution steps.
Explanation / Answer
20 , 42 => 10,52 slope = 52 - 42 / (10-20) = 10/-10 = -1 equation of line y-42 = -1(x-20) = y-42 = -x +20 y = -x + 42 + 20 = 62-x ths ans
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.