Question

A shopkeeper bought a bicycle for Rs.3000 and sold the same for Rs.3400. How much is his profit?

Answer 1

Hint: We should know that if the difference between the selling price and cost price is positive, then the difference is said to be profit. If the difference between the selling price and cost price is negative, then the difference is said to be loss. Now we should find the cost price of a bicycle and the selling price of a bicycle. Now we have to find the difference between the selling price and cost price. This difference gives us the profit obtained by the shopkeeper.

Complete step by step answer:
Before solving the question, we should know the definition of profit and loss. If the difference between the selling price and cost price is positive, then the difference is said to be profit. If the difference between the selling price and cost price is negative, then the difference is said to be loss.

From the question, it was given that a shopkeeper bought a bicycle for Rs.3000 and he sold the same bicycle for Rs. 3400. Now we should find the profit from the bicycle earned by the shopkeeper.
As the shopkeeper bought the bicycle for Rs. 3000, this Rs.3000 will represent the cost price of the bicycle. Now the shopkeeper sold the same bicycle for Rs. 3400. This Rs.3400 will represent the selling price of the bicycle.
 \[\begin{align}
  & C.P=Rs.3000....(1) \\
 & S.P=Rs.3400......(2) \\
\end{align}\]
From equation (1) and (2), we get
\[\begin{align}
  & \Rightarrow S.P-C.P=Rs.3400-Rs.3000 \\
 & \Rightarrow S.P-C.P=Rs.400....(3) \\
\end{align}\]
From equation (3), we will get that the difference between cost price and selling price is equal to Rs.400.
We know that if the difference between cost price and selling price is positive, then this difference is equal to profit.
So, the profit obtained by the shopkeeper is equal to Rs.400.

Note: If in the question, we were asked to find profit%, then we should know that by using profit and cost price we can calculate profit percentage. We should know that if the profit percentage is p, then
\[p=\dfrac{\text{profit}}{\text{Cost price}}\times 100\].
By using this formula, we can find the profit percentage. In the same way, loss percentage is also calculated. If the loss percentage is equal to l, then
\[l=\dfrac{loss}{\text{Cost price}}\times 100\].
By using this formula, we can find the loss percentage.