Profit and Loss Practice Problems :
In this section, we will see how to solve problems with the concept of profit and loss.
Example 1 :
A man buys a cycle for $1400 and sells it at a loss of 15%. What is the price of the cycle ?
A man sells the cycle for 85% of cost price to make 15% loss.
= 85% of 1400
Hence the cost of bicycle is 1190.
Example 2 :
Peter purchased a machine for $80000 and spent $5000 on repair and $1000 on transport and sold it with 25% profit. At what price did he sell the machine ?
The cost price of the machine = $80000
Repairing charge = $5000
Transport charge = $1000
Total cost = 80000 + 5000 + 1000
Selling price of machine = 125% of 86000
Hence the cost of the machine is 107500.
Example 3 :
A shopkeeper expects a gain of 22 1/2% on his cost price. If in a week, his sale was $392, what was the profit ?
Let x be the cost price.
122.5% of x = 392
1.225x = 392
x = 392/1.225
x = 320
Profit = Selling price - Cost price
= 392 - 320
Profit = 72
Hence the required profit is 72.
Example 4 :
A manufacturer undertakes to supply 2000 pieces of a particular component at $25 per piece. According to his estimates even if 5% fail to pass the quality tests, then he will make a profit of 25%. However as it turned out, 50% of the components were rejected. What is the loss of the manufacturer ?
Let x be the the total cost of production.
Total cost of production = 25x
Total number of components undertaken = 2000
Cost of each component = $25
5% of components fails in quality test
Number of components failed in the quality check
= 5% of 2000
Number of components passed in the quality check
= 2000 - 100
Cost price of 1900 components = 1900(25)
Even if 5% fails in the quality test, then he will make a profit of 25%.
125% of x = 47500
x = 47500(100/125)
x = 38000
50% of the components passed in the quality check.
50% of 2000 = 1000
Cost of 1000 products = 25(1000)
Difference between total cost production and cost of production of 50% of the components undertaken
= 38000 - 25000
Hence the loss is 13000.
After having gone through the stuff given above, we hope that the students would have practiced problems in profit and loss.
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