Question

nother similar question, reattempt last question below, or select another question. Start of Questions A company makes greeting cards and their research shows that that price and demand are related linearly: p = m x + b . They know that for every additional card they wish to sell they need to drop the price by $0.05. They also know that in order to sell 320 cards they need to set the price at $7. Find the linear equation relating price to demand.

Answer 1

Answer:

p = (-0.05)x + 23

Explanation:

The linear equation relating price to demand. can be calculated by finding the value of b first and then putting the value of b in the equation

Data

Equation: p = m x + b

m = -0.05

x = 320

p = $7

Solution

p = m x + b

7 = (-0.05 x320)+b

7 = -16 + b

7+16 = b

b = 23

So the linear equation relating price to demand after putting the value of b will be

Equation: p = (-0.05)x + 23