Answer:
|x-18500| = 1400
x = 19900 the maximum value
x = 17100 the minimum value
Explanation:
For this we need to use an absolute value equation since the price varies in both directions up and down.
|x - Central Value| = Allowable Variance
|x-18500| = 1400
To solve absolute value equations there is a positive and a negative scenario hence we have:
positive scenario
x - 18500 = 1400
x = 1400 + 18500
x = 19900 the maximum value
negative scenario
x - 18500 = -1400
x = -1400 + 18500
x = 17100 the minimum value