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Math 117 appendix c A demand equation sometimes called a demand curve will analyze the profit found for sales?

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 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.

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Best Answer - Chosen by Voters

If p decreases by $10, then x rises by 10 tiles, so the slope of the equation is

m = -10/10 = -1

Taking the point (x,p) = (52,10) and writing a point-slope equation, we get

p - 10 = -1(x - 52)

p = -1x + 52 + 10

p = -1x + 62

which is the slope-intercept form of the equation:

p = mx + b where m=-1 and b = 62

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