Answer:
t = c - bp
Step-by-step explanation:
Where : t = number of t shirts sold per month ,
p = price per t shirt
Equation of t shirts sold in terms of price per t shirt , ie t = f (p) , is -
t = c - bp
As per law of demand - other factors remaining constant, price & sale demand of a product are inversely related to each other.
In equation- Negative intercept of 'p' in defining 't' denotes this inverse relationship. c denotes the constant autonomous value in the equation. b denotes the slope of demand equation, which signifies demand change in response to price change.
