Explore BrainMass

Explore BrainMass

    Demand Equation

    Not what you're looking for? Search our solutions OR ask your own Custom question.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Suppose that 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)).
    How do I write the equation to solve?

    © BrainMass Inc. brainmass.com March 4, 2021, 8:21 pm ad1c9bdddf

    Solution Preview

    First, you need to figure out what your points on the graph are. In this case you have (42, 20) for the first price and (52, 10) for the second price. In order to find the equation of the line, you need to find the slope of the line. To do this you need to subtract the "y" coordinate and then the "x" ...