Profit And Loss
Math MCQs

Question :    If a vendor buys 7 lemons for $1 and sells 6 lemons for $1 then, what is the profit percent in this sale?

Correct Answer  16.67%

Solution & Explanation

Solution

Given,

The Cost Price (CP) for 7 articles = $1

The Sale Price (SP) for 6 articles = $1

Thus, Profit percent = ?

Unitary Method to find the profit when Cost Price and Sale Price are given

∵ The Cost Price (CP) for 7 articles = $1

Therefore, the Cost Price (CP) for 1 lemon = ¹/₇

∵ The Sale Price (SP) for 6 articles = $1

Therefore, the Sale Price (SP) for 1 lemon = ¹/₆

Calculation of profit

Profit = Sale Price (SP) – Cost Price (CP)

= ¹/₆ – ¹/₇

= ^{7 – 6}/₄₂

⇒ Profit = ¹/₄₂

Calculation of Profit Percent using Unitary Method

∵ When the Cost Price (CP) is ¹/₇, the the profit = ¹/₄₂

∴ When the Cost Price (CP) is 1, then the profit

= ^1/₄₂/_¹/7

= ¹/₄₂ × ⁷/₁

∴ When the Cost Price (CP) is 100, then the profit

= ¹/₄₂ × ⁷/₁ × 100

= ^{1 × 7 × 100}/_{42 × 1}

= ⁷⁰⁰/₄₂ = 16.67

Thus, Profit = 16.67% Answer

Method (2) to find the profit%

Finding the profit percent by taking LCM of the number of articles purchased and sold for the same price

Given, the Cost Price (CP) of 7 articles = $1

And, the Sale Price (SP) of 6 articles = $1

Here, we need to take the LCM of number of articles purchased and sold to make them uniform.

Calculation of the Cost Price (CP) and the Sale Price

The LCM of 7 and 6 = 42

Now, Let total number of articles purchased = 42

Here, since the Cost Price of 7 articles = $1

∴ the Cost Price of 1 articles = ¹/₇

Therefore, the Cost Price of 42 articles

And, since the Sale Price of 6 articles = $1

∴ The Sale Price (SP) of 1 article = ¹/₆

Therefore, the Sale Price of 42 articles

= ¹/₆ × 42 = $7

⇒ The Sale Price (SP) of 42 articles = $7

Now, the Cost Price (CP) of 42 articles = $6

And, the Sale Price (SP) of 42 articles = $7

Calculation of the Profit, when the Cost Price (CP) and the Sale Price (SP) are given

Formula to find the profit when the Cost Price (CP) and the Sale Price (SP) are given

Profit = Sale Price (SP) – Cost Price (CP)

= 7 – 6 = 1

⇒ Profit = $1

Calculation of Profit percent using the formula

Formula to calculate the profit percent

Profit percent = ^{Profit × 100}/_{Cost Price}

Thus, profit % = ^{1 × 100}/₆

= ¹⁰⁰/₆ = 16.67

Thus, profit = 16.67% Answer

Similar Questions

(1) A trader loses 52% by selling an article for $1180.80. For how much should he sell it to get a profit of 51%?

(2) After selling some articles for $13261.50, a trader earns a profit of 215%. Find the cost price.

(3) Mr. Robert buys 31 articles for $1 and sells 30 articles for $1. Find the profit in percent.

(4) Calculate the profit in percent if Mr. John buys 67 articles for $1 and sells 66 articles for $1.

(5) Mr. Peter earns a profit of 110% by selling goods for $4431.00. For how much was he purchased those goods?

(6) Potter loses 89% by selling an article for $474.10. For how much should he sell it to get a profit of 88%?

(7) Find the cost price, if a trader gets a loss of 59% by selling five TV sets for $4760.10

(8) Mr. John sold his scoory for $1465.10 and got a loss of 9%. What was the cost price of the scooty?

(9) Mrs. John earned a profit of 330% by selling her car. If she sold her car for $27993, then find the cost price of the car.

(10) Find the cost price, if a dealer earns a profit of 380% by selling an article for $36048