Profit And Loss
Math MCQs

Question :    A street seller buys 8 articles for $1 and sells 7 articles for $1. Find the profit percent in this sale.

Correct Answer  14.29%

Solution & Explanation

Solution

Given,

The Cost Price (CP) for 8 articles = $1

The Sale Price (SP) for 7 articles = $1

Thus, Profit percent = ?

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

∵ The Cost Price (CP) for 8 articles = $1

Therefore, the Cost Price (CP) for 1 lemon = ¹/₈

∵ The Sale Price (SP) for 7 articles = $1

Therefore, the Sale Price (SP) for 1 lemon = ¹/₇

Calculation of profit

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

= ¹/₇ – ¹/₈

= ^{8 – 7}/₅₆

⇒ Profit = ¹/₅₆

Calculation of Profit Percent using Unitary Method

∵ When the Cost Price (CP) is ¹/₈, the the profit = ¹/₅₆

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

= ^1/₅₆/_¹/8

= ¹/₅₆ × ⁸/₁

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

= ¹/₅₆ × ⁸/₁ × 100

= ^{1 × 8 × 100}/_{56 × 1}

= ⁸⁰⁰/₅₆ = 14.29

Thus, Profit = 14.29% 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 8 articles = $1

And, the Sale Price (SP) of 7 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 8 and 7 = 56

Now, Let total number of articles purchased = 56

Here, since the Cost Price of 8 articles = $1

∴ the Cost Price of 1 articles = ¹/₈

Therefore, the Cost Price of 56 articles

And, since the Sale Price of 7 articles = $1

∴ The Sale Price (SP) of 1 article = ¹/₇

Therefore, the Sale Price of 56 articles

= ¹/₇ × 56 = $8

⇒ The Sale Price (SP) of 56 articles = $8

Now, the Cost Price (CP) of 56 articles = $7

And, the Sale Price (SP) of 56 articles = $8

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)

= 8 – 7 = 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}/₇

= ¹⁰⁰/₇ = 14.29

Thus, profit = 14.29% Answer

Similar Questions

(1) If a seller bought 24 apples per $1 and sold them at a rate of 23 apples per $1, then what would his profit percent be?

(2) Find the cost price, if a dealer gets a loss of 32% by selling 500 books for $4222.80.

(3) Calculate the earnings percentage if a hawker buys 58 articles for $1 and sells 57 articles for $1.

(4) For how much Mr. Peter should sell his books to get a profit of 11%? If he loses 12% by selling them for $404.80.

(5) If a hawker buys buys 61 oranges for $1 and sells them at a rate of 60 oranges per $1 then, find the profit percent.

(6) What was the cost price, if a trader earns a profit of 340% by selling a plot for $29524.00?

(7) If a shopkeeper earns a profit of 5% by selling an article at $210, then find the cost price of that article.

(8) Mr. William buys 15 toffees for $1 and sells 14 tofees for $1. What is the profit percent?

(9) If a broker gets a loss of 23% by selling 200 shares he had for $3395.70 then find the cost price of those shares.

(10) Find the cost price, if a trader gets a loss of 40% by selling 1000 packets of fruits for $4686