In this problem, we analyze the profit found for sales of decorative tiles. A demand equation (sometimes called a demand curve) shows how much money people would pay for a product depending on how much of that product is available on the open market. Often, the demand equation is found empirically (through experiment, or market research).
Suppose a market research company finds that at a price of p = $25, they would sell x = 35 tile sets each month. If they lower the price to p = $7, then more people would purchase the tiles, and they can expect to sell x = 80 tile sets 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).
Suppose a market research company finds that at a price of p = $25, they would sell x = 35 tile sets each month. If they lower the price to p = $7, then more people would purchase the tiles, and they can expect to sell x = 80 tile sets 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).