The owner of a milk store finds that, he can sell 980 litres of milk each week at Rs 14/litre and 1220 litres of milk each week at Rs 16/litre. Assuming a linear relationship between selling price and demand, how many litres could he sell weekly at Rs 17/litre?
Solution and Explanation
The relationship between selling price and demand is linear.
Assuming selling price per litre along the x-axis and demand along the y-axis, we have two points i.e., (14, 980) and (16, 1220) in the XY plane that satisfy the linear relationship between selling price and demand.
Therefore, the linear relationship between selling price per litre and demand is the equation of the line passing through points (14, 980) and (16, 1220).
\(y-980=\frac{1220-980}{16-14}(x-14)\)
\(y-980=\frac{240}{2}(x-14)\)
\(i.e,y=120(x-14)+980\)
When x = Rs 17/litre,
\(y=120(17-14)+980\)
\(⇒y=120\times3+980=360+980=1340\)
Thus, the owner of the milk store could sell 1340 litres of milk weekly at Rs 17/litre.
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Concepts Used:
Straight lines
A straight line is a line having the shortest distance between two points.
A straight line can be represented as an equation in various forms, as show in the image below:
The following are the many forms of the equation of the line that are presented in straight line-
1. Slope – Point Form
Assume P0(x0, y0) is a fixed point on a non-vertical line L with m as its slope. If P (x, y) is an arbitrary point on L, then the point (x, y) lies on the line with slope m through the fixed point (x0, y0) if and only if its coordinates fulfil the equation below.
y – y0 = m (x – x0)
2. Two – Point Form
Let's look at the line. L crosses between two places. P1(x1, y1) and P2(x2, y2) are general points on L, while P (x, y) is a general point on L. As a result, the three points P1, P2, and P are collinear, and it becomes
The slope of P2P = The slope of P1P2 , i.e.
\(\frac{y-y_1}{x-x_1} = \frac{y_2-y_1}{x_2-x_1}\)
Hence, the equation becomes:
y - y1 =\( \frac{y_2-y_1}{x_2-x_1} (x-x1)\)
3. Slope-Intercept Form
Assume that a line L with slope m intersects the y-axis at a distance c from the origin, and that the distance c is referred to as the line L's y-intercept. As a result, the coordinates of the spot on the y-axis where the line intersects are (0, c). As a result, the slope of the line L is m, and it passes through a fixed point (0, c). The equation of the line L thus obtained from the slope – point form is given by
y – c =m( x - 0 )
As a result, the point (x, y) on the line with slope m and y-intercept c lies on the line, if and only if
y = m x +c