Profit And Loss
Math MCQs

Question :    A hawker buys 10 articles for $1 and sells 9 articles for $1 then, find the profit percent.

Correct Answer  11.11%

Solution & Explanation

Solution

Given,

The Cost Price (CP) for 10 articles = $1

The Sale Price (SP) for 9 articles = $1

Thus, Profit percent = ?

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

∵ The Cost Price (CP) for 10 articles = $1

Therefore, the Cost Price (CP) for 1 lemon = ¹/₁₀

∵ The Sale Price (SP) for 9 articles = $1

Therefore, the Sale Price (SP) for 1 lemon = ¹/₉

Calculation of profit

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

= ¹/₉ – ¹/₁₀

= ^{10 – 9}/₉₀

⇒ Profit = ¹/₉₀

Calculation of Profit Percent using Unitary Method

∵ When the Cost Price (CP) is ¹/₁₀, the the profit = ¹/₉₀

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

= ^1/₉₀/_¹/10

= ¹/₉₀ × ¹⁰/₁

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

= ¹/₉₀ × ¹⁰/₁ × 100

= ^{1 × 10 × 100}/_{90 × 1}

= ¹⁰⁰⁰/₉₀ = 11.11

Thus, Profit = 11.11% 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 10 articles = $1

And, the Sale Price (SP) of 9 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 10 and 9 = 90

Now, Let total number of articles purchased = 90

Here, since the Cost Price of 10 articles = $1

∴ the Cost Price of 1 articles = ¹/₁₀

Therefore, the Cost Price of 90 articles

And, since the Sale Price of 9 articles = $1

∴ The Sale Price (SP) of 1 article = ¹/₉

Therefore, the Sale Price of 90 articles

= ¹/₉ × 90 = $10

⇒ The Sale Price (SP) of 90 articles = $10

Now, the Cost Price (CP) of 90 articles = $9

And, the Sale Price (SP) of 90 articles = $10

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)

= 10 – 9 = 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}/₉

= ¹⁰⁰/₉ = 11.11

Thus, profit = 11.11% Answer

Similar Questions

(1) Find the cost price, if a share broker gets a loss of 29% by selling 500 stocks for $3983.10

(2) Mr. Bob gets a loss of 11% after selling an article for $364.90. For how much would he sell it to get a profit of 10%?

(3) A dealer loses 60% by selling an article for $1144.00. For how much should he sell it to get a profit of 59%?

(4) Find the cost price, if a broker earns a profit of 370% by selling an old house for $34357

(5) Find the cost price, if a trader earns a profit of 390% by selling an article for $37779

(6) Mr. Donald loses 84% by selling an article for $649.60. For how much should he sell it to get a profit of 83%?

(7) Mr. John buys 28 articles for $1 and sells 27 articles for $1 then, find his profit percent.

(8) 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.

(9) If a dealer earns a profit of 255% by selling some articles for $17785.50, then find the cost price.

(10) To earn a profit of 7% Mr. Robert should sell his article for how much if he gets a loss of 8% by selling it for $239.20?