Question

An article is sold for 500 and hence a loss is
incurred. Had the article been sold for * 700,
the shopkeeper would have gained three
times the former loss. What is the cost price
of the article ?
(A) 525
(B) 550
(C) 3600 (D) 3650

​

Answer 1

Answer:

(B) 550

Step-by-step explanation:

Let the Cost of the article = X

When article sold for 500, loss occured.

∴ Loss in 1st transaction = Cost - Selling price

∴ Loss (L) = X - 500  ..... (1)

If the article is sold at 700, profit occured.

Profit in 2nd transaction P = Selling price - cost

∴ P = 700 - X  ....(2)

It is given taht, profit is 3 times the former loss.

∴ P = 3 L

From eqn 1 and 2.. we get,

700 - X = 3 × ( X - 500)

∴ 700 - X = 3X - 1500

∴ 4X = 2200

∴ X = 550

∴ Cost price of the article  = 550

Answer 2

Answer:

550 , option B is correct

Step-by-step explanation:

An article is sold for 500

Let say loss incurred = L

Cost Price = 500 + L

Sold for 700 & Gained three time the former Loss

Gain = 3L

700 - 3L = 500 + L

=> 200 = 4L

=> L = 50

Cost price of article = 500 + 50 = 550

option B is correct