Find demand, revenue equations for sales of tiles

[poohbear47]

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)).

Substitute the result you found from part a into the equation R = xp to find the revenue equation. Provide your answer in simplified form.

I can't remenber how to put into order.

 

[crow626]

(x,p) is the same as (x,y) just using different variables. You are given 2 points (42,20) and (52,10). When you have to points you are able to get a slope (Y2-Y1) / (X2-X1). in this case it will be (10-20)/(52-42) = -10/10 or -1.

So far your EQN is p = -1x+B we need to solve for B using one of the 2 points.

20= -1(42) +B
20= -42 + B
62 = B

Your eqn will be P= -x+ 62

Now for you R=XP ... just plug in

R= X*(-X+62)
R= -(X^2) + 62X


.... woulda answered sooner, but i had a lot of trouble signing in... hope it helps