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**Hint:**To solve this question, we will find the price of each pencil we spent on buying them. Then at that price, we will find the price of 17 pencils. Then, we will subtract the amount from Rs. 32 if we have a negative quantity then we are in the loss if we get positive quantity then we will be in profit.

**Complete step-by-step solution:**Before we start solving this problem, let us see what is Selling Price, cost price, and what are conditions of profit and loss.

The Selling price is the amount a buyer pays for a product or service.

Cost price is the actual price of the product or service.

Profit is when you make money by selling a product more than its actual price that is if S.P is greater than C.P, then the seller is in profit.

Loss is when you lose money by selling a product less than it’s the actual price that is S.P is lesser than C.P, then the seller is in the loss.

Now, in question, we have brought 27 pencils for Rs. 67.

So, C.P for each pen = $Rs.\dfrac{67}{27}$ /per pencil = Rs. 2.481/per pencil

So C.P for 17 pens = Rs. $17\times 2.481$ = Rs. 42.18

Now, we sold 17 pencils for Rs. 32,

So, S.P for 17 pens = Rs. 32

Now, $S.P – C.P = Rs. 32 – Rs. 42.18 = Rs. -10.18$ ( negative quantity )

So, we are in a loss of Rs $10.18 $

**Also, as $S.P< C.P$ which clearly shows the condition of loss.**

**Note:**While finding profit or loss in any question, always find the price of the unit item as this will definitely give you a hint or an idea to solve the question further also, always remember the conditions that if $S.P< C.P$, then this represents loss and if $S.P >C.P$, then this represents profit.

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