A music store sells a CD with a wholesale price of $6 for $10.50 and one with a wholesale price of $14.00 for $20.50. If the markup policy for the store is assumed to be linear, find a function r = m(w) that expresses the retail price r as a function of the wholesale price w.
r=m(w)=1.26w=5
I am not sure, but I got help on this question
To find the function that relates the retail price (r) to the wholesale price (w), we need to determine the equation of a linear function.
In this case, we are given two data points:
1. CD with a wholesale price of $6 sold for $10.50
2. CD with a wholesale price of $14.00 sold for $20.50
Let's assign the variables x and y as follows:
x = wholesale price (w)
y = retail price (r)
Using the given data points, we can create two equations:
Equation 1: 10.50 = mx + b
Equation 2: 20.50 = mx + b
We need to determine the values of m and b to find the linear function that relates r to w.
To do this, let's solve the two equations simultaneously:
Subtracting Equation 1 from Equation 2:
20.50 - 10.50 = (mx + b) - (mx + b)
10 = 0
As we can see, we have reached a contradiction. This means that the given data points are not consistent with a linear function.
Therefore, it is not possible to find a linear function that accurately describes the relationship between the retail price and the wholesale price based on the given data.