Posted by sh on Thursday, December 9, 2010 at 12:24am.
Assume the demand equation is linear.
We have two known points:
P1(5,4500), and P2(5.50,4250)
To fit a straight line between two known points, we can apply the two-point form of line, namely,
(x-x1)/(x2-x1)=(y-y1)/(y2-y1)
The equation seems long, but its symmetry makes it very easy to memorize.
Substitute x1=5,y1=4500,x2=5.5,y2=4250, we get
(x-5)/(5.50-5)=(y-4500)/(4250-4500)
-250(x-5)=0.5(y-4500)
y=-500x+7000
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