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) Find the cost price, if a dealer earns a profit of 250% by selling a plot for $17185

(2) If a hawker bought 23 apples per $1 and sold them at a rate of 22 apples per $1, then what would his profit percent be?

(3) A dealer loses 57% by selling an article for $1165.30. For how much should he sell it to get a profit of 56%?

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

(5) How much percent will Peter earn if he buys 37 articles for $1 and sells 36 articles for $1?

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

(7) Mr. Jack buys 13 articles for $1 and sells 12 articles for $1. Find his profit percent.

(8) A trader loses 47% by selling an article for $1171.30. For how much should he sell it to get a profit of 46%?

(9) Mollie purchased 150 kg of wheat at $1350. Due to some unavoidable circumstances, he had to sell the wheat at $7.20 per kg. Calculate his total loss and loss percent in this sale.

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