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A shopkeeper buys a certain product at a certain price, marks its price up by 20% and offers Rs. 250 discount over that product. Had he marked up the cost price by 35% and offered a discount of Rs. 300 over it then his profit/Loss percentage would have been doubled. Find the actual profit/ Loss(in Rs.) by selling the product.
- a)Loss of Rs. 50
- b)Profit of Rs. 550
- c)Profit of Rs.50
- d)Loss of Rs. 550
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
A shopkeeper buys a certain product at a certain price, marks its pri...
To solve this problem, let's assume the cost price of the product is Rs. C.
First scenario:
The shopkeeper marks up the cost price by 20% and offers a discount of Rs. 250 over it.
Markup price = Cost price + (20% of Cost price) = C + 0.2C = 1.2C
Selling price = Markup price - Discount = 1.2C - 250
Second scenario:
The shopkeeper marks up the cost price by 35% and offers a discount of Rs. 300 over it.
Markup price = Cost price + (35% of Cost price) = C + 0.35C = 1.35C
Selling price = Markup price - Discount = 1.35C - 300
According to the question, the profit/loss percentage would have been doubled in the second scenario compared to the first scenario.
Profit/Loss percentage in the first scenario = (Selling price - Cost price) / Cost price * 100
Profit/Loss percentage in the second scenario = 2 * (Selling price - Cost price) / Cost price * 100
Let's calculate the profit/loss percentages in both scenarios:
Profit/Loss percentage in the first scenario = ((1.2C - 250) - C) / C * 100 = 0.2C / C * 100 = 20%
Profit/Loss percentage in the second scenario = 2 * ((1.35C - 300) - C) / C * 100 = 2 * 0.35C / C * 100 = 70%
Since the profit/loss percentage in the second scenario is double that of the first scenario, we can equate the two percentages:
20% = 70%
0.2C / C * 100 = 0.7C / C * 100
0.2 = 0.7
2 = 7
This is not possible, and hence our assumption is wrong.
Therefore, there is a mistake in the question, and we cannot determine the actual profit/loss by selling the product.
First scenario:
The shopkeeper marks up the cost price by 20% and offers a discount of Rs. 250 over it.
Markup price = Cost price + (20% of Cost price) = C + 0.2C = 1.2C
Selling price = Markup price - Discount = 1.2C - 250
Second scenario:
The shopkeeper marks up the cost price by 35% and offers a discount of Rs. 300 over it.
Markup price = Cost price + (35% of Cost price) = C + 0.35C = 1.35C
Selling price = Markup price - Discount = 1.35C - 300
According to the question, the profit/loss percentage would have been doubled in the second scenario compared to the first scenario.
Profit/Loss percentage in the first scenario = (Selling price - Cost price) / Cost price * 100
Profit/Loss percentage in the second scenario = 2 * (Selling price - Cost price) / Cost price * 100
Let's calculate the profit/loss percentages in both scenarios:
Profit/Loss percentage in the first scenario = ((1.2C - 250) - C) / C * 100 = 0.2C / C * 100 = 20%
Profit/Loss percentage in the second scenario = 2 * ((1.35C - 300) - C) / C * 100 = 2 * 0.35C / C * 100 = 70%
Since the profit/loss percentage in the second scenario is double that of the first scenario, we can equate the two percentages:
20% = 70%
0.2C / C * 100 = 0.7C / C * 100
0.2 = 0.7
2 = 7
This is not possible, and hence our assumption is wrong.
Therefore, there is a mistake in the question, and we cannot determine the actual profit/loss by selling the product.
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Community Answer
A shopkeeper buys a certain product at a certain price, marks its pri...
Let CP of the product be x.
Actual profit, P - 1.2x - 250 - x = 0.2x - 250 Also, 1.35x - 300 - x = 0.35x - 300 = 2P Solving the weo equations we get, x = 4000 So, P = Rs. 550 Hence, option 2.
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A shopkeeper buys a certain product at a certain price, marks its price up by 20% and offers Rs. 250 discount over that product. Had he marked up the cost price by 35% and offered a discount of Rs. 300 over it then his profit/Loss percentage would have been doubled. Find the actual profit/ Loss(in Rs.) by selling the product.a)Loss of Rs. 50b)Profit of Rs. 550c)Profit of Rs.50d)Loss of Rs. 550Correct answer is option 'B'. Can you explain this answer?
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A shopkeeper buys a certain product at a certain price, marks its price up by 20% and offers Rs. 250 discount over that product. Had he marked up the cost price by 35% and offered a discount of Rs. 300 over it then his profit/Loss percentage would have been doubled. Find the actual profit/ Loss(in Rs.) by selling the product.a)Loss of Rs. 50b)Profit of Rs. 550c)Profit of Rs.50d)Loss of Rs. 550Correct answer is option 'B'. Can you explain this answer? for CAT 2024 is part of CAT preparation. The Question and answers have been prepared according to the CAT exam syllabus. Information about A shopkeeper buys a certain product at a certain price, marks its price up by 20% and offers Rs. 250 discount over that product. Had he marked up the cost price by 35% and offered a discount of Rs. 300 over it then his profit/Loss percentage would have been doubled. Find the actual profit/ Loss(in Rs.) by selling the product.a)Loss of Rs. 50b)Profit of Rs. 550c)Profit of Rs.50d)Loss of Rs. 550Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A shopkeeper buys a certain product at a certain price, marks its price up by 20% and offers Rs. 250 discount over that product. Had he marked up the cost price by 35% and offered a discount of Rs. 300 over it then his profit/Loss percentage would have been doubled. Find the actual profit/ Loss(in Rs.) by selling the product.a)Loss of Rs. 50b)Profit of Rs. 550c)Profit of Rs.50d)Loss of Rs. 550Correct answer is option 'B'. Can you explain this answer?.
A shopkeeper buys a certain product at a certain price, marks its price up by 20% and offers Rs. 250 discount over that product. Had he marked up the cost price by 35% and offered a discount of Rs. 300 over it then his profit/Loss percentage would have been doubled. Find the actual profit/ Loss(in Rs.) by selling the product.a)Loss of Rs. 50b)Profit of Rs. 550c)Profit of Rs.50d)Loss of Rs. 550Correct answer is option 'B'. Can you explain this answer? for CAT 2024 is part of CAT preparation. The Question and answers have been prepared according to the CAT exam syllabus. Information about A shopkeeper buys a certain product at a certain price, marks its price up by 20% and offers Rs. 250 discount over that product. Had he marked up the cost price by 35% and offered a discount of Rs. 300 over it then his profit/Loss percentage would have been doubled. Find the actual profit/ Loss(in Rs.) by selling the product.a)Loss of Rs. 50b)Profit of Rs. 550c)Profit of Rs.50d)Loss of Rs. 550Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A shopkeeper buys a certain product at a certain price, marks its price up by 20% and offers Rs. 250 discount over that product. Had he marked up the cost price by 35% and offered a discount of Rs. 300 over it then his profit/Loss percentage would have been doubled. Find the actual profit/ Loss(in Rs.) by selling the product.a)Loss of Rs. 50b)Profit of Rs. 550c)Profit of Rs.50d)Loss of Rs. 550Correct answer is option 'B'. Can you explain this answer?.
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