Algebra Equation??

A reader asked..

Suppose a certain home improvement outlet knows that the monthly demand for framing studs is 1000 when the price is $1.00 each but that the demand is 2000 when the price is40.90 each. Assume the demand function is linear. Write the for demand where p denotes price and q denotes quantity.

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Comments

    • Poetland
    • August 8, 2010

    note
    (q,p)
    (1000, 1) (2000, .9)
    slope = (.9 – 1)/(2000 – 1000) = -.1/1000 = – 1/10,000
    p = mq + b

    1 = -1/10000 (1000) + b
    1 = -1/10 + b
    b = 11/10
    so, f(q) = -0.001q + 1.10

    slope is negative because demand has a negative slope
    “the less you charge the more I buy” (Inverse relationship)

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