Demand and Revune Equations for the Sale of Tiles
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A. 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.
B. Substitute the result you found from part a into the equation R = xp to find the revenue equation. Provide your answer in simplified form.
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Solution Summary
The solution explains how to find the demand and revenue equations when the price and sales of the company are provided in detail. The step-by-step explanations should provide the students a guide on how to solving the linear systems using addition/subtraction method.
Solution Preview
a. For equation p = mx + b, we have two paired data:
p = 20, x = 42
p = 10, x = 52
so
20 ...
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