The equation of a line of the slope-intersection form is given by:
Where:
m: It's the slope
b: It is the cut-off point with the y axis
If two lines are parallel then their slopes are equal.
We have the following line:
Thus, the slope of the line is -5.
Therefore a parallel line is of the form:
We replace the point
Finally, the equation is of the form:
Answer:
Answer:
p + 0.0001q = 5
Step-by-step explanation:
Data provided in the question:
When Price, p₁ = $4.77 ; Demand, q₁ = 2,300
and,
When Price, p₂ = 3,300 ; Demand, q₂ = 3,300
considering the above as the points on the line,
now, the general equation for a line is given as:
on substituting the respective values, we get
or
or
2,300 - q = -10,000(4.77 - p)
or
⇒ 2,300 - q = -47700 + 10,000p
or
⇒ 10,000p + q = 2300 + 47700
or
⇒ 10,000p + q = 50000
or
⇒ p + 0.0001q = 5