Profit And Loss
Math MCQs

Question :    A peddler buys 11 oranges for $1 and sells 10 oranges for $1 then, find his profit percent.

Correct Answer  10%

Solution & Explanation

Solution

Given,

The Cost Price (CP) for 11 articles = $1

The Sale Price (SP) for 10 articles = $1

Thus, Profit percent = ?

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

∵ The Cost Price (CP) for 11 articles = $1

Therefore, the Cost Price (CP) for 1 lemon = ¹/₁₁

∵ The Sale Price (SP) for 10 articles = $1

Therefore, the Sale Price (SP) for 1 lemon = ¹/₁₀

Calculation of profit

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

= ¹/₁₀ – ¹/₁₁

= ^{11 – 10}/₁₁₀

⇒ Profit = ¹/₁₁₀

Calculation of Profit Percent using Unitary Method

∵ When the Cost Price (CP) is ¹/₁₁, the the profit = ¹/₁₁₀

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

= ^1/₁₁₀/_¹/11

= ¹/₁₁₀ × ¹¹/₁

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

= ¹/₁₁₀ × ¹¹/₁ × 100

= ^{1 × 11 × 100}/_{110 × 1}

= ¹¹⁰⁰/₁₁₀ = 10

Thus, Profit = 10% 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 11 articles = $1

And, the Sale Price (SP) of 10 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 11 and 10 = 110

Now, Let total number of articles purchased = 110

Here, since the Cost Price of 11 articles = $1

∴ the Cost Price of 1 articles = ¹/₁₁

Therefore, the Cost Price of 110 articles

And, since the Sale Price of 10 articles = $1

∴ The Sale Price (SP) of 1 article = ¹/₁₀

Therefore, the Sale Price of 110 articles

= ¹/₁₀ × 110 = $11

⇒ The Sale Price (SP) of 110 articles = $11

Now, the Cost Price (CP) of 110 articles = $10

And, the Sale Price (SP) of 110 articles = $11

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)

= 11 – 10 = 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}/₁₀

= ¹⁰⁰/₁₀ = 10

Thus, profit = 10% Answer

Similar Questions

(1) If Mr. Peter buys 17 apples for $1 and sells 16 apples for $1 then, find the profit percent in this sale.

(2) If a trader gets a loss of 72% by selling 15 bags of apples for $3978.80 then find the cost price of the apples.

(3) Bill sold a bicycle for $640. If he purchased it at $800, then calculate his loss and loss percent in this sale.

(4) Find the cost price, if Mrs. Julie earns a profit of 360% by selling some articles for $32706

(5) A trader earns a profit of 100% by selling an article for $3820.00. Find the cost price.

(6) Calculate the earnings in percent if Mr. Peter buys 66 articles for $1 and sells 65 articles for $1.

(7) A vendor buys 33 articles for $1 and sells 32 articles for $1. How much percent will he earn in this?

(8) William loses 74% by selling an article for $925.60. For how much should he sell it to get a profit of 73%?

(9) After selling a furniture for $481.60 a shopkeeper gets a loss of 14%. In order to get a profit of 13% he should sell in for how much?

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