Question

What is difference between Marked price(MRP) and Selling price and also difference between Selling price and Cost price?

Answer 1

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Cost price is the cost of production of commodity. Marked price is the price where the seller marks up the cost price by a certain amount to add his/her own profit margin.
Cost price of a particular product or commodity is the amount of expenditure incurred to either purchase that particular product or manufacture that particular product. In other words cost price includes all the expenses incurred until the product or commodity is said to be owned by us. It is the cost of buying a particular product.

According to providers and others stock market investors, market price is the current price of a particular commodity. It may be more or less than the cost price. In other words, it is the price at which a product or commodity can be sold currently.

For example, A man had purchased a plot of land at a price of Rs.3,00,000 some 5 years ago and the price of that particular plot at present is Rs.9,00,000. For him, the cost pries of the land is rs.3,00,000 and market pries is 1,00,000.

Another example, if a firm manufactures goods at a cost of Rs. 80/unit and the current value of the goods in market is Rs. 90/unit, so Rs.80/unit is the cost pries of that product and 90/unit is market pries.

Answer 2

To find:

difference between Marked price and Selling price and also Selling price and Cost price.

Solution:

1) Cost price of any product means that the price at which someone buys the product.

2) Selling price of any product is the price at which someone sold the product to the other.

3) Marked price of any product means that someone has raised the price of the product at which he bought it.

4) So the difference between the marked price and the selling price is called Discount.

5) And the difference between selling price and cost price is called Profit ( if selling price is more than the cost price) and Loss ( if selling price is less than the cost price).