Question

Please see attached photo for problem from my homework set. Thanks in advance!

Answer 1

We have to find the equation of the line that represents the demand function.

The first step is to find the slope of the line, using the given pair of values.

`m=(8.45-9.95)/(95-80)=-0.1`

Now, use the point slope formula to find the equation of the line:

`\begin{gathered} p-8.45=-0.1(q-95) \\ p=-0.1q+9.5+8.45 \\ p=-0.1q+17.95 \end{gathered}`

It means that the answer is p=-0.1q+17.95.