Question

Lamar, an artist, plans to paint and sell some miniature paintings. He just bought some brushes for $10, and paint and canvas for each painting costs $45; he will sell each painting for $50. Once Lamar sells a certain number of his paintings, he will be breaking even. How many paintings will that be?

Answer 1

Answer:

2

Step-by-step explanation:

If he sells and makes x paintings, his expenses will he 10+45x and his revenue will be 50x.

• 50x = 45x + 10
• 5x = 10
• x = 2

Answer 2

The break-even point is the point at which total cost and total income are equal. For breakeven, Lamar needs to sell 2 paintings.

What is breakeven?

In economics, business, and especially cost accounting, the break-even point is the point at which total cost and total income are equal, i.e. "even."

Let the number of paintings that Lamar makes and sells at the break-even point be represented by x.

Given that Lamar bought some brushes for $10, and paint and canvas for each painting cost $45. Therefore, the total cost of making x number of paintings is,

Total cost of x painting = $10 + $45(x)

Also, the selling price of each painting is $50. Therefore, the revenue generated from x paintings is,

Revenue generated = $50(x)

Further, at the breakeven point, the total cost of production of any product is equal to the revenue generated by the product. Therefore, we can write,

Total cost of x painting = Revenue generated

$10 + $45(x) = $50(x)

10 + 45x = 50x

10 = 50x - 45x

10 = 5x

x = 10/5

x = 2

Hence, For breakeven Lamar needs to sell 2 paintings.

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