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Discussion :: Profit and Loss

  1. What is the percent profit earned by the shopkeeper on selling the articles in his shop?

    I. 

    Labeled price of the articles sold was 130% of the cost price.

    II. 

    Cost price of each article was Rs. 550.

     III. 

    A discount of 10% on labeled price was offered.
    2. A.

    Only I
    B.

    Only II
    C.

    I and III
    D.

    All the three are required
    E.

    Question cannot be answer even with information in all the three statements.

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    Answer : Option C

    Explanation :

    I. Let C.P. be Rs. x.

     

    Then, M.P. = 130% of x = Rs. \([\frac { 13X } { 10 }]\)

     

    III. S.P. = 90% of M.P.Thus, I and III give, S.P. = Rs. \( [\frac { 90 } { 100}\) x \(\frac { 13X } { 10 }]\) = Rs.\([\frac { 117X } { 100 }]\)

     

    Gain = Rs. \([\frac { 117X } { 100 }- X]\) = Rs.. \(\frac { 17X } { 100 }\)

     

    Thus, from I and III, gain % can be obtained.

     

    Clearly, II is redundant.

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