Question

An artist buys scrap metal from a local steel mill as a raw material for her sculptures. Last​ year, she purchased $7,000 worth of scrap metal. With the steel she produced 10 authentic sculptures that she sold for $1,000 each to a local art dealer. The art dealer then sold all of the sculptures to art collectors for an average of​$1,200 each.
The total value added of the art dealerart dealer is $__. ​(Enter your response as an​ integer.)

Answer 1

Answer:

$2000

Explanation:

The total value added by the art dealer would equal the amount of profit that the art dealer made off of the sale of all the sculptures created by the artist. Therefore to calculate this we must subtract the amount that the artist sold each sculpture for ($1000) from the amount that the art dealer sold each sculpture for ($1200) and then multiply the remainder by the amount of sculptures (10) like so:

$1200 - $1000 = $200

$200 * 10 = $2000

Therefore the total added value of the art was $2000.

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