Question

If CP and SP of a product are Rs. 350 and Rs. 385 respectively, then find profit or gain.

Answer 1

Hint: It is given that; CP of a product is Rs. 350 and the SP of that product is Rs. 385.
We are asked to find the profit amount using the above information.
The formula for profit is given by Profit \[ = SP-CP\] .
Thus, find the amount of profit using the above formula.

Complete step-by-step answer:
Here, it is given that, CP of a product is Rs. 350 and the SP of that product is Rs. 385.
It is clear that it is a profit and it is also asked a question to find profit or gain.
The formula for profit is given by, Profit = Selling price – Cost price.
Thus, using the above formula we will find the profit.
 $\therefore $ Profit \[ = SP-CP\]
= Rs. 385 – Rs. 350
= Rs. 35
Hence, the amount of profit is Rs. 35.

Note: Profit is the amount obtained by the difference between the cost price of any product and the selling price of the product. If the selling price of the product is greater than the cost price of the product, it is said to have a profit on the product.
Thus, the formula to calculate the profit is given by Profit (P) = Selling Price (SP) of the product – Cost Price (CP) of the product i.e. \[P = SP-CP\] .