Class 7 Exam > Class 7 Questions > A trader uses 1 kg weight for 800 gm and incr...
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A trader uses 1 kg weight for 800 gm and increases the price by 20%. Find his profit/loss %.
- a)4% profit
- b)4% loss
- c)6 profit
- d)8% loss
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
A trader uses 1 kg weight for 800 gm and increases the price by 20%. F...
1 kg weight for 800 gm
Loss (decrease) = 800/1000 = 0.8
20% increase in price = profit (increase) = 1.2
So, net effect = (0.8) × (1.2) = 0.96
Therefore, 4% loss
Loss (decrease) = 800/1000 = 0.8
20% increase in price = profit (increase) = 1.2
So, net effect = (0.8) × (1.2) = 0.96
Therefore, 4% loss
Most Upvoted Answer
A trader uses 1 kg weight for 800 gm and increases the price by 20%. F...
To find the profit/loss percentage, we need to first calculate the cost price and the selling price of the weight.
Given:
Weight sold = 800 gm
Weight used = 1 kg = 1000 gm
Price increase = 20%
1. Calculating the Cost Price:
The cost price is the price at which the weight is bought by the trader. Since the trader uses 1 kg weight for 800 gm, we can calculate the cost price as follows:
Cost price = (800/1000) * Cost price of 1 kg weight
2. Calculating the Selling Price:
The selling price is the price at which the weight is sold by the trader. The selling price is calculated by increasing the cost price by 20%. Since the cost price is calculated in step 1, we can calculate the selling price as follows:
Selling price = Cost price + (20/100) * Cost price
3. Calculating the Profit/Loss Percentage:
To find the profit/loss percentage, we compare the selling price with the cost price. If the selling price is greater than the cost price, it is a profit. If the selling price is less than the cost price, it is a loss. The profit/loss percentage is calculated as follows:
Profit/Loss percentage = ((Selling price - Cost price) / Cost price) * 100
Let's calculate the profit/loss percentage using the above steps:
1. Calculating the Cost Price:
Cost price = (800/1000) * Cost price of 1 kg weight
2. Calculating the Selling Price:
Selling price = Cost price + (20/100) * Cost price
3. Calculating the Profit/Loss Percentage:
Profit/Loss percentage = ((Selling price - Cost price) / Cost price) * 100
In this case, the profit/loss percentage is calculated to be 4% loss.
Given:
Weight sold = 800 gm
Weight used = 1 kg = 1000 gm
Price increase = 20%
1. Calculating the Cost Price:
The cost price is the price at which the weight is bought by the trader. Since the trader uses 1 kg weight for 800 gm, we can calculate the cost price as follows:
Cost price = (800/1000) * Cost price of 1 kg weight
2. Calculating the Selling Price:
The selling price is the price at which the weight is sold by the trader. The selling price is calculated by increasing the cost price by 20%. Since the cost price is calculated in step 1, we can calculate the selling price as follows:
Selling price = Cost price + (20/100) * Cost price
3. Calculating the Profit/Loss Percentage:
To find the profit/loss percentage, we compare the selling price with the cost price. If the selling price is greater than the cost price, it is a profit. If the selling price is less than the cost price, it is a loss. The profit/loss percentage is calculated as follows:
Profit/Loss percentage = ((Selling price - Cost price) / Cost price) * 100
Let's calculate the profit/loss percentage using the above steps:
1. Calculating the Cost Price:
Cost price = (800/1000) * Cost price of 1 kg weight
2. Calculating the Selling Price:
Selling price = Cost price + (20/100) * Cost price
3. Calculating the Profit/Loss Percentage:
Profit/Loss percentage = ((Selling price - Cost price) / Cost price) * 100
In this case, the profit/loss percentage is calculated to be 4% loss.
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A trader uses 1 kg weight for 800 gm and increases the price by 20%. Find his profit/loss %.a)4% profitb)4% lossc)6 profitd)8% lossCorrect answer is option 'B'. Can you explain this answer?
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