Jim is able to sell a hand-carved statue for $50. The sale price reflected a 50% profit over the cost of the raw materials. How much did the raw materials cost him

$33.33

Explanation:

We need to get the cost price of the materials as indicated by the question.

% profit = (selling price - cost price)/cost price * 100%

Let the cost price be $x

50 = (50 - x)/x * 100

50x = 100(50 - x)

50x = 5000 - 100x

150x = 5000

x = 5000/150

x = $33.33

answer decisions made by individual households and firms;