Question

A company makes t-shirts and their research shows that that price and demand are related linearly: p = mx + b. They know that in order to sell 10 shirts they need to set the price at $26, and in order to sell 20 shirts they need to set the price at $6. Find the linear equation relating price to demand. p= c. Preview

Answer 1

P= -2x +46

Explanation:

the relation between price and demand is

P= mx +b ........................1

when demand is 10 shirts price is $26

when demand is 20 shirts price is $6

firstly put P= 26 and x= 10 in 1

26= 10m + b.......................2

secondly put x= 20 and P= 6 in 1

6= 20m + b ............................3

solving 2 and 3 we get

m = -2

putting this value of m in either of 2 and 3 to get b

b= 46

so the final relation obtained by putting m= -2 and b= 46 in 1 we get

P= -2x +46