Let's call the amount Mike paid for buying 8 yards of ribbon "x".
Since each yard costs $3 and there are 8 yards, the total cost for the 8 yards of ribbon is 8 * $3 = $<<8*3=24>>24.
Additionally, Mike paid $0.50 for the ribbon.
Therefore, the working equation that represents the amount Mike paid for buying 8 yards of ribbon is x = $24 + $0.50.
A store selling ribbons by the yarn Mike bought eight yards of red ribbon each yard cost three dollars and $0.50 complete and solve the working equation that represents the amount a Mike paid for buying 8 yards of ribbon
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