Looks good! From what i see unless i missed something it all looks correct :D
For a relationship to be linear, there must be a constant rate of change. To check this, you need to calculate the equation of the line.
A linear line will always have an equation in the following pattern:
y = mx + c where m is the slope and c is a constant.
This equation must be of first degree (highest power is x^1) to be linear.
Note:
the slope can be calculated using two points (x1,y1) and (x2,y2) as follows:
m = (y2 / y1) / (x2 - x2)
You can then use points from the table and substitute in the equation to calculate the value of c.
Answer:
p = -0.05m + 22
Step-by-step explanation:
As given in question,
The relation between the price and demand can be given by,
where is p is price and x is demand.
Since in order to sell 300 cards the price has to be fix at $7.
So,
7 = 300m+b <u> </u> (1)
And for every additional card they need to drop the price by $0.05.
So,
7-0.05 = 301m+b
=>6.95 = 301m + b<u> </u> (2)
Subtracting equation (1) from equation (2), we will have
6.95 - 7 = 301m - 300m
=>m = -0.05
By putting the value of m in equation (1), we get
7 = 300.(-0.05)+b
=> b = 22
So, the linear equation that show the relation between price and demand is given by
p = -0.05m + 22
$682.5 is your answer. Hope it helps
