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?
A. Rs.1800
B. Rs.600
C. Cannot be determined
D. None of these

Answer 1

Hint: First determine the minimum cost price of a book from the given range and then multiply it with 8 to find the least cost price of 8 books. Similarly, find the maximum selling price for a book from the given range and then multiply it with 8 to find the selling price of 8 books. To find the greatest possible profit, subtract cost-price from the selling price of 8 books.

Complete step-by-step answer:
We are given that the cost price of the books range from Rs.200 to Rs.350 and the selling price of the books range from Rs.300 to Rs.425.
We have to determine the greatest possible profit made in selling 8 books.
For maximum profit, the cost price should be minimum and the selling price should be maximum as profit is calculated by subtracting cost price from selling price.
The least possible cost price of 1 book is Rs. 200
then, we will multiply 8 by 200 to find the least cost price of 8 books.
$200 \times 8 = 1600$
Similarly, the maximum selling price of 1 book can be Rs.425.
But, we have to find the selling price of 8 books.
Hence, multiply 8 by 425 to find the maximum selling price of 8 books.
$8 \times 425 = 3400$
Now, it is known that profit can be calculated by subtracting cost price from selling price
Hence, the maximum profit possible by selling 8 books is $3400 - 1600 = 1800$
Thus, option A is the correct option.

Note: We can also do this question by first calculating the maximum profit on selling one book, that is $425 - 200 = 225$. And, then multiplying it by 8 to find the profit earned by selling 8 books, $225 \times 8 = 1800$