Question

Determine profit/loss percentage for $$C.P.=72.50$$ and $$S.P.=73$$.

Answer 1

Hint: We can solve this question using profit or loss concept. First we have to check whether we will get profit or loss. After knowing that we have to calculate how much profit we will get. To calculate profit or loss we have to substitute C.P and S.P in the formulas and then we have to simplify to arrive at the solution.

Complete step-by-step answer:
We have to know the formulas for profit and loss.
$$\text{Profit}=S.P.-C.P$$
$$Loss=C.P-S.P$$
$$\text{Profit}\mathrm{\%}={\displaystyle \frac{S.P-C.P}{C.P}}\times 100$$
We can also write this formula of profit as
$$\text{Profit}\mathrm{\%}={\displaystyle \frac{\text{Profit}}{C.P}}\times 100$$
We can use any one according to the problem.
$$Loss\mathrm{\%}={\displaystyle \frac{C.P-S.P}{C.P}}\times 100$$
Loss formula can also be written as
$$Loss\mathrm{\%}={\displaystyle \frac{loss}{C.P}}\times 100$$
By using these formulas we can solve the questions.
Given
$$C.P=72.50$$
$$S.P=73$$
So we have to check whether we will get profit or loss. We can determine it by
If $$S.P>C.P$$ we can say we will get profit.
If $$C.P>S.P$$ we can say we will get Loss.
So from the given question we have
$$\Rightarrow 73>72.50$$
So $$S.P>C.P$$ we will get profit.
As discussed above the formula of profit is
 $$\text{Profit}=S.P.-C.P$$
So we have to calculate the profit.
By substituting in above formula we will get
$$\Rightarrow 73-72.50$$
By subtracting these we will get
$$\Rightarrow 0.50$$
So we get the profit for the given question is $$0.50$$ .
$$\text{Profit}=0.50$$

Note: We can also find the profit or loss percentage using the profit or loss we get in the problem by using above discussed formulas. These problems are so easy to solve. But sometimes we have to calculate S.P and C.P with the costs given while calculating these we have to be careful.