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Math Help - How to get demand equation

  1. #1
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    Feb 2011
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    How to get demand equation

    Hello,

    it's probably a silly question for you, but I'm stuck.

    It's simple. There's given a table of prices and quantities and I need to get a demand equation from it. I know the answer, but I would like to know the 'HOW-TO'.

    Q ‖ 1 ‖ 2 ‖ 3 ‖ 4 ‖ 5 ‖ 6 ‖ 7 ‖
    P ‖ 35‖30‖25 ‖20‖15‖10‖ 5 ‖

    Answer: Q = 80 - 2P.

    What's on my mind: I understand we can calculate the slope, which is -1/5 and then we should do something I don't know ( well I've read that we can put the slope to p=mx+b and solve it, but it didn't give me the right answer). Also it can be found using matrix algebra, which I'm curious about.

    Thanks in advance.
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  2. #2
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    Joined
    Feb 2011
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    My bad. I've managed to make a mistake with the slope. The thread can be deleted.
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