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. Write your answer in the form p = mx + b. Hint: Write an equation using two points in the form (x,p).
a.)Points: ($20,42) and ($10,52)
slope = (52-42)/(10-20) = -1
Find the intercept:
42 = -1(20) + b
b = 62
EQUATION:
p = -x + 62
b.)R(x) = x(-x+62) = -x^2+62x