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A shopkeeper sells some toys at Rs 250 each. What percent profit does he make? To find the answer, which of the following information given in statements I and II is/are necessary?
I. Number of toys sold
II. Cost price of each toy
I. Number of toys sold
II. Cost price of each toy
- a)Only I is necessary
- b)Only II is necessary
- c)Both I and II are necessary
- d)Either I or II is necessary
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
A shopkeeper sells some toys at Rs 250 each. What percent profit does ...
S.P. = Rs 250 each.
To find gain percent, we must know the C.P. of each.
∴ Correct answer is (b).
To find gain percent, we must know the C.P. of each.
∴ Correct answer is (b).
Most Upvoted Answer
A shopkeeper sells some toys at Rs 250 each. What percent profit does ...
Statement I: Number of toys sold
Statement II: Cost price of each toy
The question asks for the percent profit made by the shopkeeper. To calculate the profit percentage, we need to know the cost price and the selling price of each toy.
Explanation:
Profit can be calculated using the formula:
Profit = Selling Price - Cost Price
To calculate the profit percentage, we use the formula:
Profit Percentage = (Profit / Cost Price) * 100
In this case, the selling price is given as Rs 250 each. However, without knowing the cost price, we cannot calculate the profit or the profit percentage.
Hence, we can conclude that only Statement II (Cost price of each toy) is necessary to find the answer.
Example:
Let's consider an example to understand the significance of knowing the cost price.
Suppose the shopkeeper sells a toy for Rs 250, but the cost price of that toy is Rs 200. In this case,
Profit = Selling Price - Cost Price = Rs 250 - Rs 200 = Rs 50
To calculate the profit percentage, we use the formula:
Profit Percentage = (Profit / Cost Price) * 100 = (50 / 200) * 100 = 25%
Now, let's consider another scenario where the cost price of the toy is Rs 300. In this case,
Profit = Selling Price - Cost Price = Rs 250 - Rs 300 = -Rs 50
Here, the shopkeeper incurs a loss of Rs 50. However, we cannot calculate the profit percentage without knowing the cost price.
Therefore, knowing the cost price of each toy is essential to determine the percent profit made by the shopkeeper. Hence, the correct answer is option B (Only II is necessary).
Statement II: Cost price of each toy
The question asks for the percent profit made by the shopkeeper. To calculate the profit percentage, we need to know the cost price and the selling price of each toy.
Explanation:
Profit can be calculated using the formula:
Profit = Selling Price - Cost Price
To calculate the profit percentage, we use the formula:
Profit Percentage = (Profit / Cost Price) * 100
In this case, the selling price is given as Rs 250 each. However, without knowing the cost price, we cannot calculate the profit or the profit percentage.
Hence, we can conclude that only Statement II (Cost price of each toy) is necessary to find the answer.
Example:
Let's consider an example to understand the significance of knowing the cost price.
Suppose the shopkeeper sells a toy for Rs 250, but the cost price of that toy is Rs 200. In this case,
Profit = Selling Price - Cost Price = Rs 250 - Rs 200 = Rs 50
To calculate the profit percentage, we use the formula:
Profit Percentage = (Profit / Cost Price) * 100 = (50 / 200) * 100 = 25%
Now, let's consider another scenario where the cost price of the toy is Rs 300. In this case,
Profit = Selling Price - Cost Price = Rs 250 - Rs 300 = -Rs 50
Here, the shopkeeper incurs a loss of Rs 50. However, we cannot calculate the profit percentage without knowing the cost price.
Therefore, knowing the cost price of each toy is essential to determine the percent profit made by the shopkeeper. Hence, the correct answer is option B (Only II is necessary).
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A shopkeeper sells some toys at Rs 250 each. What percent profit does he make? To find the answer, which of the following information given in statements I and II is/are necessary?I. Number of toys soldII. Cost price of each toya)Only I is necessaryb)Only II is necessaryc)Both I and II are necessaryd)Either I or II is necessaryCorrect answer is option 'B'. Can you explain this answer?
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A shopkeeper sells some toys at Rs 250 each. What percent profit does he make? To find the answer, which of the following information given in statements I and II is/are necessary?I. Number of toys soldII. Cost price of each toya)Only I is necessaryb)Only II is necessaryc)Both I and II are necessaryd)Either I or II is necessaryCorrect answer is option 'B'. 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 A shopkeeper sells some toys at Rs 250 each. What percent profit does he make? To find the answer, which of the following information given in statements I and II is/are necessary?I. Number of toys soldII. Cost price of each toya)Only I is necessaryb)Only II is necessaryc)Both I and II are necessaryd)Either I or II is necessaryCorrect answer is option 'B'. 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 A shopkeeper sells some toys at Rs 250 each. What percent profit does he make? To find the answer, which of the following information given in statements I and II is/are necessary?I. Number of toys soldII. Cost price of each toya)Only I is necessaryb)Only II is necessaryc)Both I and II are necessaryd)Either I or II is necessaryCorrect answer is option 'B'. Can you explain this answer?.
A shopkeeper sells some toys at Rs 250 each. What percent profit does he make? To find the answer, which of the following information given in statements I and II is/are necessary?I. Number of toys soldII. Cost price of each toya)Only I is necessaryb)Only II is necessaryc)Both I and II are necessaryd)Either I or II is necessaryCorrect answer is option 'B'. 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 A shopkeeper sells some toys at Rs 250 each. What percent profit does he make? To find the answer, which of the following information given in statements I and II is/are necessary?I. Number of toys soldII. Cost price of each toya)Only I is necessaryb)Only II is necessaryc)Both I and II are necessaryd)Either I or II is necessaryCorrect answer is option 'B'. 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 A shopkeeper sells some toys at Rs 250 each. What percent profit does he make? To find the answer, which of the following information given in statements I and II is/are necessary?I. Number of toys soldII. Cost price of each toya)Only I is necessaryb)Only II is necessaryc)Both I and II are necessaryd)Either I or II is necessaryCorrect answer is option 'B'. Can you explain this answer?.
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A shopkeeper sells some toys at Rs 250 each. What percent profit does he make? To find the answer, which of the following information given in statements I and II is/are necessary?I. Number of toys soldII. Cost price of each toya)Only I is necessaryb)Only II is necessaryc)Both I and II are necessaryd)Either I or II is necessaryCorrect answer is option 'B'. Can you explain this answer?, a detailed solution for A shopkeeper sells some toys at Rs 250 each. What percent profit does he make? To find the answer, which of the following information given in statements I and II is/are necessary?I. Number of toys soldII. Cost price of each toya)Only I is necessaryb)Only II is necessaryc)Both I and II are necessaryd)Either I or II is necessaryCorrect answer is option 'B'. Can you explain this answer? has been provided alongside types of A shopkeeper sells some toys at Rs 250 each. What percent profit does he make? To find the answer, which of the following information given in statements I and II is/are necessary?I. Number of toys soldII. Cost price of each toya)Only I is necessaryb)Only II is necessaryc)Both I and II are necessaryd)Either I or II is necessaryCorrect answer is option 'B'. Can you explain this answer? theory, EduRev gives you an
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