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What is the percent profit earned by the shopkeeper on selling the articles in his shop?
I. Labelled price of the articles sold was 130% of the cost price.
II. Cost price of each article was Rs 550.
III. A discount of 10% on labelled price was offered.
I. Labelled price of the articles sold was 130% of the cost price.
II. Cost price of each article was Rs 550.
III. A discount of 10% on labelled price was offered.
- a)Only I
- b)Only II
- c)I and III
- d)All the three are required
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
What is the percent profit earned by the shopkeeper on selling the art...
I. Let C.P. be Rs x.
Then, M.P. = 130% of x = Rs (13x/10)
II. S.P. = 90% of M.P.
Thus, I and III give S.P. = Rs (90/100) × (13x/10) = Rs (117x/100)
Gain = Rs (117x/100) – x = Rs (17x/100)
Thus, from I and III, gain % can be obtained.
Then, M.P. = 130% of x = Rs (13x/10)
II. S.P. = 90% of M.P.
Thus, I and III give S.P. = Rs (90/100) × (13x/10) = Rs (117x/100)
Gain = Rs (117x/100) – x = Rs (17x/100)
Thus, from I and III, gain % can be obtained.
Most Upvoted Answer
What is the percent profit earned by the shopkeeper on selling the art...
To find the percentage profit earned by the shopkeeper, we need to calculate the profit percentage based on the given information.
Statement I: Labelled price of the articles sold was 130% of the cost price.
This statement alone is not sufficient to calculate the profit percentage. Although we know the ratio of the labelled price to the cost price, we need the actual values to calculate the profit percentage.
Statement II: Cost price of each article was Rs 550.
This statement alone is not sufficient to calculate the profit percentage. We need the labelled price or selling price to calculate the profit percentage.
Statement III: A discount of 10% on labelled price was offered.
This statement alone is not sufficient to calculate the profit percentage. The discount only affects the selling price, but we still need the cost price to calculate the profit percentage.
Combining Statements I and II:
From statement I, we know that the labelled price is 130% of the cost price. From statement II, we know the cost price is Rs 550.
Labelled price = 130% of cost price
Labelled price = 130/100 * 550
Labelled price = Rs 715
Now we have both the cost price and the labelled price, so we can calculate the profit percentage.
Profit = Selling Price - Cost Price
Profit = Rs 715 - Rs 550
Profit = Rs 165
Profit percentage = (Profit / Cost Price) * 100
Profit percentage = (165 / 550) * 100
Profit percentage = 30%
Thus, combining statements I and II is sufficient to calculate the profit percentage.
Therefore, the correct answer is option C: I and III.
Statement I: Labelled price of the articles sold was 130% of the cost price.
This statement alone is not sufficient to calculate the profit percentage. Although we know the ratio of the labelled price to the cost price, we need the actual values to calculate the profit percentage.
Statement II: Cost price of each article was Rs 550.
This statement alone is not sufficient to calculate the profit percentage. We need the labelled price or selling price to calculate the profit percentage.
Statement III: A discount of 10% on labelled price was offered.
This statement alone is not sufficient to calculate the profit percentage. The discount only affects the selling price, but we still need the cost price to calculate the profit percentage.
Combining Statements I and II:
From statement I, we know that the labelled price is 130% of the cost price. From statement II, we know the cost price is Rs 550.
Labelled price = 130% of cost price
Labelled price = 130/100 * 550
Labelled price = Rs 715
Now we have both the cost price and the labelled price, so we can calculate the profit percentage.
Profit = Selling Price - Cost Price
Profit = Rs 715 - Rs 550
Profit = Rs 165
Profit percentage = (Profit / Cost Price) * 100
Profit percentage = (165 / 550) * 100
Profit percentage = 30%
Thus, combining statements I and II is sufficient to calculate the profit percentage.
Therefore, the correct answer is option C: I and III.
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What is the percent profit earned by the shopkeeper on selling the articles in his shop?I. Labelled price of the articles sold was 130% of the cost price.II. Cost price of each article was Rs 550.III. A discount of 10% on labelled price was offered.a)Only Ib)Only IIc)I and IIId)All the three are requiredCorrect answer is option 'C'. Can you explain this answer?
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What is the percent profit earned by the shopkeeper on selling the articles in his shop?I. Labelled price of the articles sold was 130% of the cost price.II. Cost price of each article was Rs 550.III. A discount of 10% on labelled price was offered.a)Only Ib)Only IIc)I and IIId)All the three are requiredCorrect answer is option 'C'. Can you explain this answer? for Class 7 2024 is part of Class 7 preparation. The Question and answers have been prepared according to the Class 7 exam syllabus. Information about What is the percent profit earned by the shopkeeper on selling the articles in his shop?I. Labelled price of the articles sold was 130% of the cost price.II. Cost price of each article was Rs 550.III. A discount of 10% on labelled price was offered.a)Only Ib)Only IIc)I and IIId)All the three are requiredCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Class 7 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is the percent profit earned by the shopkeeper on selling the articles in his shop?I. Labelled price of the articles sold was 130% of the cost price.II. Cost price of each article was Rs 550.III. A discount of 10% on labelled price was offered.a)Only Ib)Only IIc)I and IIId)All the three are requiredCorrect answer is option 'C'. Can you explain this answer?.
What is the percent profit earned by the shopkeeper on selling the articles in his shop?I. Labelled price of the articles sold was 130% of the cost price.II. Cost price of each article was Rs 550.III. A discount of 10% on labelled price was offered.a)Only Ib)Only IIc)I and IIId)All the three are requiredCorrect answer is option 'C'. Can you explain this answer? for Class 7 2024 is part of Class 7 preparation. The Question and answers have been prepared according to the Class 7 exam syllabus. Information about What is the percent profit earned by the shopkeeper on selling the articles in his shop?I. Labelled price of the articles sold was 130% of the cost price.II. Cost price of each article was Rs 550.III. A discount of 10% on labelled price was offered.a)Only Ib)Only IIc)I and IIId)All the three are requiredCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Class 7 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is the percent profit earned by the shopkeeper on selling the articles in his shop?I. Labelled price of the articles sold was 130% of the cost price.II. Cost price of each article was Rs 550.III. A discount of 10% on labelled price was offered.a)Only Ib)Only IIc)I and IIId)All the three are requiredCorrect answer is option 'C'. Can you explain this answer?.
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