Real-Life Math
You are a carver. You specialize in carving wildlife scenes in deer, elk and caribou antlers.
You've had some success selling your pieces locally and when you travel to various carving shows. But you're just about to get your first big break. A gallery has just told you that they want to exhibit some of your work. They will take 4 pieces on commission.
Because of the number of people that visit the gallery, your exposure will be greatly increased. In addition, it will be a wonderful opportunity to make some sales. What do you decide to charge for your pieces, knowing that the gallery will take a cut from the profit of each of the sales?
"You don't generally need to use a lot of math to draw up the pieces beyond simple arithmetic," says carver Moe Thompson. However, for the business end of carving, math is increasingly needed. "In sales, you would need those skills more," he says.
These are the prices you charge:
Exhibit A: $350
Exhibit B: $300
Exhibit C: $400
Exhibit D: $550
- If the gallery takes a 10 percent commission on the sale price of Exhibit A, how much will they earn?
- If you sold all your pieces, and the gallery took its usual 10 percent, how much would you take home?