Question

The loss incurred by selling an article for ₹ 560 is ₹ 50 less than the profit made on selling it for ₹ 720. What will be the cost price of the article?​

Answer 1

ANSWER:

Given:

• Loss incurred when SP is Rs 560 = (Profit made when SP is Rs 720) - Rs 50

To Find:

• The cost price

Solution:

Let the cost price and selling price be CP and SP respectively.

In the question, we are given that,

⇒ Loss incurred when SP is Rs 560 = (Profit made when SP is Rs 720) - Rs 50

We know that,

⇒ Loss = CP - SP

And,

⇒ Profit = SP - CP

So,

⇒ Loss incurred when SP is Rs 560 = (Profit made when SP is Rs 720) - Rs 50

Let, SP1 = Rs 560, and SP2 = Rs 720. So,

⇒ (CP - SP1) = (SP2 - CP) - Rs 50

⇒ CP - SP1 = SP2 - CP - 50

⇒ 2CP = SP1 + SP2 - 50

Putting values of SP1 & SP2,

⇒ 2CP = 560 + 720 - 50

⇒ 2CP = 510 + 720

⇒ 2CP = 1230

So,

⇒ CP = 1230/2

⇒ CP = 615

Hence, the cost price of the article is Rs 615.