Profit And Loss
Math MCQs

Question :    What will be profit percent if a peddler buys 12 kiwis for $1 and sells 11 kiwis for $1?

Correct Answer  9.09%

Solution & Explanation

Solution

Given,

The Cost Price (CP) for 12 articles = $1

The Sale Price (SP) for 11 articles = $1

Thus, Profit percent = ?

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

∵ The Cost Price (CP) for 12 articles = $1

Therefore, the Cost Price (CP) for 1 lemon = ¹/₁₂

∵ The Sale Price (SP) for 11 articles = $1

Therefore, the Sale Price (SP) for 1 lemon = ¹/₁₁

Calculation of profit

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

= ¹/₁₁ – ¹/₁₂

= ^{12 – 11}/₁₃₂

⇒ Profit = ¹/₁₃₂

Calculation of Profit Percent using Unitary Method

∵ When the Cost Price (CP) is ¹/₁₂, the the profit = ¹/₁₃₂

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

= ^1/₁₃₂/_¹/12

= ¹/₁₃₂ × ¹²/₁

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

= ¹/₁₃₂ × ¹²/₁ × 100

= ^{1 × 12 × 100}/_{132 × 1}

= ¹²⁰⁰/₁₃₂ = 9.09

Thus, Profit = 9.09% 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 12 articles = $1

And, the Sale Price (SP) of 11 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 12 and 11 = 132

Now, Let total number of articles purchased = 132

Here, since the Cost Price of 12 articles = $1

∴ the Cost Price of 1 articles = ¹/₁₂

Therefore, the Cost Price of 132 articles

And, since the Sale Price of 11 articles = $1

∴ The Sale Price (SP) of 1 article = ¹/₁₁

Therefore, the Sale Price of 132 articles

= ¹/₁₁ × 132 = $12

⇒ The Sale Price (SP) of 132 articles = $12

Now, the Cost Price (CP) of 132 articles = $11

And, the Sale Price (SP) of 132 articles = $12

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)

= 12 – 11 = 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}/₁₁

= ¹⁰⁰/₁₁ = 9.09

Thus, profit = 9.09% Answer

Similar Questions

(1) By selling an article for $1125.30 a vendor gets a loss of 7%. Calculate the cost price.

(2) Find the cost price, if a trader earns a profit of 265% by selling an article for $19016.5

(3) John purchased a bicycle in an auction at $80 and sold it at $104. Calculate the profit and profit percent in this sale.

(4) A dealer loses 28% by selling some articles for $907.20. For how much should he sell them to get a profit of 27%?

(5) Find the profit percent if Mrs. Julie buys 29 bananas for $1 and sells 28 bananas for $1.

(6) Mr. Robert sold his motorcycle for $1629 and got a loss of 10%. What was his cost price?

(7) If a vendor purchased 73 coins for $1 and sells 72 coins for $1 then, find profit in percent.

(8) If a shopkeeper gets a loss of 65% by selling five TV sets for $4483.50 then find the cost price of all those TV sets.

(9) Find the cost price, if a trader gets a loss of 19% by selling an article for $2924.10

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