Question

An article is sold for 500 and hence loss is incurred had the article been sold for 700 the shopkeeper would have gained three times former loss what is cost price of the article

Answer 1

Answer:

Cost Price of Article is Rs. 550

Step-by-step explanation:

Given: Selling Price of an Article is Rs. 500 when loss incurred

           Selling Price of same article is Rs. 700 when profit gained.

To find: Cost Price of Article.

Let x be the cost Price of Article & y be the loss % on article

⇒ profit % = 3y

$Loss\:Percentage=\frac{CP-SP}{CP}\times100$

$y=\frac{x-500}{x}\times100$ ...............(1)

$Profit\:Percentage=\frac{SP-CP}{CP}\times100$

$3y=\frac{700-x}{x}\times100$ ...............(2)

Divide (2) by (1), we get

$3=\frac{700-x}{x-500}$

$3(x-500)=700-x$

$3x-1500=700-x$

$3x+x=700+1500$

$4x=2200$

$x=\frac{2200}{4}$

x = 550

Therefore, Cost Price of Article is Rs. 550

Answer 2

Answer:

Cost price of the article = Rs.550

Step-by-step explanation:

Given details:

Case 1: Shop keeper incurred loss.

Selling Price of the article = Rs.500

Let the loss be L.

Case 2: Shop keeper gained profit

Selling Price of the article = Rs.700

Let the Gain be G.

If it is three times the former loss, then G = 3L.

Formula:

Cost Price = Selling Price - Gain

or

Cost Price = Selling Price + Loss

Solution:

Cost price is same in both cases.

Therefore,

SP - G = SP + L

700- 3L = 500 + L

200 = 4L

Loss = Rs. 50

So, Cost Price = Selling Price + Loss = 500 + 50 = Rs. 550.