Question

Find the profit or loss in each case. (a) CP = 500, SP = 550​

Answer 1

Answer:

Profit for the seller is Rs 50/-

Profit percentage is 10%

Step-by-step explanation:

Profit or loss is the difference between cost price (CP) and selling price (SP).

If selling price is greater then cost price, then the seller gets a profit.

If cost price is greater then selling price, then the seller gets a loss.

In this case, cost price = CP = 500  

and selling price = SP = 550

Since SP is greater then CP, the seller obtains a profit.

Profit = SP - CP

        = 550 - 500

        = 50

Therefore the seller makes a profit of Rs 50/-.

Profit percentage is calculated as

$P\% =\dfrac{SP-CP}{CP}\times 100$

      = $\dfrac{550-500}{500}\times 100$

      = 10%.

Therefore the profit made is 10% of the cost price.

Answer 2

As per the data given in the question,

We have to determine the profit or loss occurred by a shopkeeper  if he sells any item at Rs. 550 if he buys same at Rs. 500.

We know that,

Profit or loss nothing but difference between cost price (CP) and selling price (SP).

As we know that,

If selling price is greater then cost price, then there will a profit in that case.

If cost price is greater then selling price, then there will a loss in that case.

So, from question,

CP = Rs. 500, SP = Rs. 550

Since SP is greater then CP, the seller obtains a profit.

$Profit = SP - CP= 550 - 500=Rs.\: 50$

Therefore the seller makes a profit of Rs 50

Profit percentage is calculated as

$P\% =\dfrac{SP-CP}{CP}\times 100\\= \dfrac{550-500}{500}\times 100\\= 10\%.$

Therefore the sellers will made a profit of 10% in this case.