Question No 5
The price of a cycle is marked at Rs 1150/- A shopkeeper earns a profit of 15% after allowing a discount of
15% on the marked price/printed price. The cost price of the cycle is:
Answers
Answer:
Marked Price
In the profit and loss section, the cost of a product is very crucial. If you have marked the cost of the product wrong, you may not see any profit at all. In the following section, we will see what we mean by marked price. We will also see all the other relevant terms and try and understand how to determine marked price such that the profit is maximum. Let us begin with the following space below!
Step-by-step explanation:
Marked Price
The price on the label of an article/product is called the marked price or list price. This is the price at which product is intended to be sold. However, there can be some discount given on this price and the actual selling price of the product may be less than the marked price. It is generally denoted by MP.
When Discount is offered, M.P. > S.P.
When Discount is not offered, M.P. < S.P.
Marked Price
Sometimes marked price is used as a psychological tool for customers. For example, a set of headphones is being sold at Rs 999/-. One company has set the marked price at Rs 1000/- thus showing a little discount on the marked price. Another company sells the same product at the same cost but marks it at Rs. 1499/- thus giving the illusion of a heavy discount. The customers are more likely to buy the one marked at a higher price. This brings us up to the concept of discount.
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Answer:
Printed price=1150/-
gain%=15%
sp=(100-15)% of 1150
=85/100×1150
=977.5/-
cp=977.5/115×100
=800/-
Step-by-step explanation: