Answer: $87.50
Step-by-step explanation:
Did a short way I learned.
Since we are marking down did
100%-30% = 70%
Convert it into a decimal:0.7
Did 125(0.7) and got 87.50.
I am 100% sure this is right.
Your first line calculation is already true but reversed. The demand will decrease (that mean the formula would be minus) by 20 gallons for every $0.4 price increase, which means 50 gallons/$. To find the formula you need to insert one sample of either the first equation (65gallon and $3.1) or 2nd equation (45 gallons and $3.5). The formula for demand should be:
q= C - 50p
65 gallon= C- 3.1 * 50
C= 65 gallon + 155 gallon= 220 gallon
The formula would be:
q= 220- 50p
So the second question can be solved by putting 0 on the Q. It would be:
q= 220- 50p
0=220-50p
50p=220
p= $4.4
