Suppose that a market research company finds that at a price of p = $30, they would sell x = 36 tiles each month. If they lower the price to p = $15, then more people would purchase the tile, and they can expect to sell x = 41 tiles in a month’s time.
Write two ordered pairs in the form (x, p) that represent the market research. (1 pt)
Find the equation of the line for the demand equation using the two points in #1. Write your answer in the form P=mx+b. (Show all of your work) Hint: 1st, Find slope (m) using the two ordered pairs you created. Replace both x variables and both y variables in the formula (p-p_1 )=m(x-x_1 ) to get the value of m. 2nd, Find the intercept (b) by replacing p and x in the equation y=mx+b with one ordered pair and m with the slope. Then solve for b. 3rd , Write the equation by replacing m and b in the equation y=mx+b with the values you found. You answer will have an x and a p variable. (This is a skill learned in MAT116)(2 pts)