Question

If books bought at prices ranging from Rs. $200$ to Rs. $350$ are sold at prices ranging from Rs.$300$ to Rs. $425$, what is the greatest possible profit that might be made in selling eight books.

Answer 1

Hint :-Whenever the selling price is more than cost price, there is profit in that deal. To find profit we have to find the difference between selling price and cost price.

Complete step by step by solution:
Cost price is the price at which we buy a thing and selling price is the price at which we sell a thing. Here we have given cost price is ranging from Rs. $200$ to Rs. $350$ and selling price is ranging from Rs.$300$ to Rs. $425$.
Now to find the greatest profit we have to buy those books at minimum cost price and we have to sell these books at maximum selling price so cost price for those books is Rs. $200$ per book and selling price for those books is Rs. $425$per book and we know that
Profit = Selling Price - Cost price
P = S.P. - C.P.
P = $425 - 200$
P = Rs. $225$
Hence there will be profit of Rs. $225$ per book and for 8 books profit will be
${\text{P = 225}} \times {\text{8}}$
P = Rs. $1800$

Note –:In this question it has been asked for profit,whenever there is loss in any deal, at that time cost price will be more than selling price , so Loss = Cost Price - Selling Price