Question

A clothing business finds there is a linear relationship between the number of shirts, n (in thousands) it can sell and the price, P, it can charge per shirt. In particular, historical data shows that 3 thousand shirts can be sold at a price of $69 each, and that 7 thousand shirts can be sold at a price of $61 each. Find the equation of the form P(n)

Answer 1

The equation of the form P(n) is:

P(n)=-0.002n+75

Explanation:

From the information provided, you have two points: (3000, 69) and (7000, 61). With this, you can find the slope using the following formula:

m=(p1-p2)/(n1-n2)

m=slope

p1=69

p2=61

n1=3000

n2=7000

m=(69-61)/(3000-7000)

m=8/-4000

m=-0.002

Now that you have the slope, you can find the the equation of the form P(n):

P(n)=-0.002(n-3000)+69

P(n)=-0.002n+6+69

P(n)=-0.002n+75

According to this, the answer is that the equation of the form P(n) is:

P(n)=-0.002n+75