Finite Math and Applied Calculus (6th Edition)

Published by Brooks Cole
ISBN 10: 1133607705
ISBN 13: 978-1-13360-770-0

Chapter 1 - Section 1.3 - Linear Functions and Models - Exercises - Page 92: 87a

Answer

$q=-4500p+41,500$

Work Step by Step

A demand function expresses demand $q$ (the number of items demanded) as a function of the unit price $p$ (the price per item). If it is a linear function, it has form $q=mp+b$. Given $(3,28000)$ and $(5,19000)$, two points on the graph, we find the slope: $m=\displaystyle \frac{19000-28000}{5-3}=\frac{-9000}{2}=-4500$ So far, we have $q=-4500p+b.$ Substitute the coordinates of $(5,19000)$ and solve for b. $19,000=-4500(5)+b$ $19,000=-22,500+b\qquad/+22,500$ $41,500=b$ Thus, $q=-4500p+41,500$
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