Demand and revenue equations for sale of tiles


Assignment:

Q1. Suppose that a market research company finds that at a price of p = $20, they would sell x = 42 tiles each month. If they lower the price to p = $10, then more people would purchase the tile, and they can expect to sell x = 52 tiles in a month's time. Find the equation of the line for the demand equation. Write your answer in the form p = mx + b.

Q2. Substitute the result you found from part a into the equation R = xp to find the revenue equation. Provide your answer in simplified form.

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Microeconomics: Demand and revenue equations for sale of tiles
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