Question

An article is sold for Rs 500 and hence a loss is incurred. Had the article been sold for Rs 700, the shopkeeper would have gained three times the former loss. What is the cost price of the article

Answer 1

Let CP be x

loss =CP-500

Also,

If SP=700,

Profit=700-x

......

Given,

Profit=3*loss

700-x=3*(x-500)

700-x= 3x-1500

3x+x= 1500+700

4x= 2200

x= 550

.....

So cost price is Rs. 550

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Answer 2

Answer: The cost price of the article is Rs.550.

Explanation:

Let the cost price (C.P) of the article be x

Selling price (S.P) = Rs.500

Since there is a loss, so C.P will be greater than S.P so loss = C.P - S.P

Therefore, the loss= x-500

Second case:

C.P remains the same

S.P = 700

Since there is a gain this time,

gain = S.P - C.P

Therefore, gain = 700-x

According to the given condition:

Gain= 3 × Former loss

So, 700-x = 3( x-500)

Solving the equation:

700-x = 3x - 1500

or, 4x= 2200

or x= 2200/4 = Rs.550

Therefore, the cost price is Rs.550.