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Math Help - Help with the demand funtion when price is changing?

  1. #1
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    Help with the demand funtion when price is changing?

    how do you write the demand function when there has been a change in demand? the question asks:
    A store is selling t-shirts at $40 per shirt and at this price customers have been buying 60 shirts per month. The owner estimates that for every $1 price increase, 3 fewer shirts will be sold. If the relationship between price per shirt and number sold is linear ...
    a) find the demand function expressing price, p, in terms of shirts sold, x
    b) find the total revenue R(x) in terms of shirts sold
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    Quote Originally Posted by yess View Post
    A store is selling t-shirts at $40 per shirt and at this price customers have been buying 60 shirts per month. The owner estimates that for every $1 price increase, 3 fewer shirts will be sold. If the relationship between price per shirt and number sold is linear ...
    a) find the demand function expressing price, p, in terms of shirts sold, x
    You have two variables 'sales' dependant on 'price'. For (p=price,s=sales) you are given the following information (40,60) and (41,57).

    The linear function will be s = m\times p+c where m = \frac{s_2-s_1}{p_2-p_1}

    After this step use one of (40,60) and (41,57) to solve for c.
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