Question

A clothing business finds there is a linear relationship between the number of shirts n it can sell and the price P it can charge per shirt. In particular historical data shows that 2 thousand shirts can be sold at a price of 80 dollars each, and that 5 thousand shirts can be sold at a price of 65 each

Answer 1

Answer:

We have two data points:

2000 shirts can be sold for $80 each.

5,000 shirts can be sold for $65 each.

Then we can define the relation:

P(n).

Where P is the price, and n is the number of shirts.

Now, we know that we can model this as a linear relationship that passes through the points (2000, $80) and (5000, $65)

A linear relationship can be written as:

y = a*x + b

where a is the slope and b is the y-axis intercept.

For a line that passes through the points (x1, y1) and (x2, y2), the slope can be written as:

a = (y2 - y1)/(x2 - x1).

In this case, the slope is:

a = ($65 - $80)/(5000 - 2000) = -$0.005.

Then our equation is:

P(n) = -$0.005*n + b

Now let's find the value of b, we know that:

P(2000) = $80 = -$0.005*2000 + b

                 $80 = -$10 + b

                  $80 + $10 = b = $90

Our equation is:

P(n) = -$0.005*n + $90.