appendix C mat 117 nn

Feb 3rd, 2012
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appendix C mat 117 nn 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 = $18, they would sell x = 36 tiles each month. If they lower the price to p = $8, then more people would purchase the tile, and they can expect to sell x = 46 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). So we have the following two points: (36,18) and (46,8). Now we must find the equation of the line containing this two points. So: (x-36)/(46-36)=(p-18)/(8-18)  (x-36)/10=(p-18)/(-10)  x-36=18-p  p=18+36-x  p=-x+54

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