Hasbro conducted market research to determine the optimal price to set for their Furby toys. Through many focus groups, they determined they could sell 5,000 furbies at a price of $29.99. However, if they lowered their price to $19.99, they could sell 4,000 more furbies. Find the linear demand equation (price function, y) as a function of the quantity, x, sold. (round to 4 decimal places if necessary)

Hasbro conducted market research to determine the optimal price to set for their Furby toys. Through many focus groups, they determined they could sell 5,000 furbies at a price of $29.99. However, if they lowered their price to $19.99, they could sell 4,000 more furbies. Find the linear demand equation (price function, y) as a function of the quantity, x, sold. (round to 4 decimal places if necessary)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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