An artist sells a painting for $20.50 but uses $5.75 worth of materials to make it. What will the artist’s total earnings be for selling the painting, after considering the cost of materials?
The correct answer and explanation is :
To calculate the artist’s total earnings after considering the cost of materials, we need to subtract the cost of the materials used from the sale price of the painting.
Step-by-step Calculation:
- Selling Price of the Painting: The painting is sold for \$20.50.
- Cost of Materials: The artist used \$5.75 worth of materials to create the painting.
- Earnings Calculation:
The total earnings will be the selling price minus the cost of the materials. This is a simple subtraction: $$
\text{Total Earnings} = \text{Selling Price} – \text{Cost of Materials}
$$ $$
\text{Total Earnings} = 20.50 – 5.75
$$ $$
\text{Total Earnings} = 14.75
$$
Thus, the artist’s total earnings for selling the painting, after covering the cost of materials, is \$14.75.
Explanation:
In this scenario, the artist sells a painting for \$20.50, but they incur a cost of \$5.75 to create the painting, which covers the cost of the materials used (such as paint, canvas, brushes, and other supplies). The artist’s earnings are not simply the price at which the painting is sold because they must factor in the cost of producing the artwork.
The difference between the selling price and the cost of materials represents the artist’s profit, or earnings, from the sale. This amount is what the artist “takes home” after paying for the resources used in creating the artwork. By subtracting the cost of materials from the selling price, we calculate the net profit that the artist earns, which in this case is \$14.75.
This kind of calculation is essential in understanding the actual financial benefit of a transaction, particularly in business and creative fields like art, where materials and production costs can significantly impact overall earnings.