Posted by kim on Sunday, January 15, 2012 at 11:53pm.
a. Suppose a market research company finds that at a price of p = $30, they would sell x = 32 baskets each month. If they lower the price to p = $10, then more people would purchase the baskets, and they can expect to sell x = 52 baskets in a monthâ€™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).

math  Steve, Monday, January 16, 2012 at 11:33am
I think the equation should be
x = mp+b
since the price is set, and the demand follows.
x(30) = 32
x(10) = 52
32 = 30p + b
52 = 10p + b
20p = 20
p = 1
b = 62
x = p + 62
or, if you have a sales goal you want to meet, you can figure the price you must set by
p = x + 62
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