Ram who is a retail seller of rice, buys the product from a whole-seller named Siddharth and then sells it to the customer. Siddharth is a deceitful person. He marks up the price of rice by 20%, and then while selling it to Ram he uses a balance that shows 20% extra weight than the actual weight. Ram marks up the price by 10% and then sells it to the customer. What is the profit/loss % of Ram?a)8.33% lossb)8.33% profitc)32% lossd)32% profitCorrect answer is option 'A'. Can you explain this answer?

Explore Courses UPSC Exam UPSC Test Series Free Notes EduRev Infinity

Open App

CAT Exam > CAT Questions > Ram who is a retail seller of rice, buys the ...

Join the Discussion on the App

Ram who is a retail seller of rice, buys the product from a whole-seller named Siddharth and then sells it to the customer. Siddharth is a deceitful person. He marks up the price of rice by 20%, and then while selling it to Ram he uses a balance that shows 20% extra weight than the actual weight. Ram marks up the price by 10% and then sells it to the customer. What is the profit/loss % of Ram?

a)
8.33% loss
b)
8.33% profit
c)
32% loss
d)
32% profit

Correct answer is option 'A'. Can you explain this answer?

FREE This question is part of

TISS-NET Mock Test - 6 (New Pattern)

Attempt Test

Attempt this Test

Most Upvoted Answer

Ram who is a retail seller of rice, buys the product from a whole-sell...

Let Siddharth sell the product to Ram at stated rate of Rs 100/kg
He uses a faulty weighing machine which shows 20% more reading than the actual.
If 1 kg is placed on the machine, the reading will show 1.2 kg. The amount paid by Ram to get 1 kg = Rs 120(Actual cost price)
When Ram is selling the product he marks up the rate by 10%, The selling price would be Rs 110/kg
Thus we see that Ram is making a loss.
Loss = 120-110 = 10

Answered by Wizius Careers · View profile

Free Test

FREE

TISS-NET Mock Test - 6 (New Pattern)
100 Ques | 100 Min

Start Free Test

View all free CAT tests

Community Answer

Ram who is a retail seller of rice, buys the product from a whole-sell...

Given:
- Ram buys rice from a deceitful whole-seller named Siddharth.
- Siddharth marks up the price of rice by 20%.
- Siddharth uses a balance that shows 20% extra weight than the actual weight while selling it to Ram.
- Ram marks up the price by 10% and sells it to the customer.

To find:
The profit/loss percentage of Ram.

Solution:
Step 1: Finding the cost price for Ram:
Let's assume the cost price of rice for Siddharth is Rs. 100.

Since Siddharth marks up the price by 20%, the selling price for Siddharth will be:
Selling Price for Siddharth = Cost Price + Mark up
= Rs. 100 + (20/100) * Rs. 100
= Rs. 100 + Rs. 20
= Rs. 120

Since Siddharth uses a balance that shows 20% extra weight, the actual weight of rice for Ram will be 20% less than what the balance shows.

Step 2: Finding the selling price for Ram:
Let's assume the weight shown by the balance is 100 kg.

The actual weight of rice for Ram will be:
Actual Weight for Ram = 100 kg - (20/100) * 100 kg
= 100 kg - 20 kg
= 80 kg

Since Ram marks up the price by 10%, the selling price for Ram will be:
Selling Price for Ram = Cost Price + Mark up
= Rs. 120 + (10/100) * Rs. 120
= Rs. 120 + Rs. 12
= Rs. 132

Step 3: Finding the profit/loss percentage for Ram:
Profit/loss percentage = ((Selling Price - Cost Price) / Cost Price) * 100

Profit/loss percentage for Ram = ((Rs. 132 - Rs. 100) / Rs. 100) * 100
= (Rs. 32 / Rs. 100) * 100
= 32%

Therefore, the profit/loss percentage for Ram is 32%.

Answer:
The correct answer is option (c) 32% loss.

Share via Whatsapp

Attention CAT Students!

To make sure you are not studying endlessly, EduRev has designed CAT study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in CAT.

Quantitative Aptitude (Quant)

Crash Course for CAT

CAT Mock Test Series 2024

3 Months Preparation for CAT

View all answers Start learning for free

< Previous Question Next Question >

Explore Courses for CAT exam

Similar CAT Doubts

Directions: Study the following information carefully and answer the question.Meet Sarah, an ambitious sales representative working in a bustling retail store. Sarahs performance is evaluated based on four parameters: Customer Satisfaction, Product Knowledge, Salesmanship, and Promptness. Customers rate Sarah on a scale from 1 to 10 for each parameter. If Sarah receives a total rating of 30 or higher, she becomes eligible for a performance bonus of Rs. 50. Additionally, customers have the option to provide Sarah with a tip or no tip, which can be either Rs. 10 or Rs. 20.On a particular day, Sarah assisted four different customers: Alex, Ben, Claire, and David. At the end of her shift, Sarah accumulated a total of Rs. 130 in bonuses and tips. She did not get both a total rating of 30 or higher and a tip from the same customer. Here are some additional facts to consider:(i) Sarah received a combined rating of 28 for Product Knowledge, with both David and Claire giving her the same rating in this category. However, both Alex and Ben gave Sarah different higher ratings for Product Knowledge than both David and Claire.(ii) Each customer provided Sarah with distinct ratings for Salesmanship, which added up to 33. Similarly, Sarah received unique ratings for customer satisfaction from the four customers, however her total rating for Promptness is 26.(iii) Ben awarded Sarah the same rating for Salesmanship and customer satisfaction on the one hand, and product knowledge and Promptness on the other.(iv) Among the four customers, Alex gave Sarah the highest rating for salesmanship. Conversely, he provided Sarah with the lowest rating for Promptness.(v) Sarah received ratings between 6 and 9 for her Customer Satisfaction. Notably, Claire gave her the highest rating in this parameter, while Ben awarded her the lowest rating.(vi) If we compare each customers ranking based on their ratings for individual parameter, Alexs rank in Product Knowledge and Salesmanship is the same. Similarly Davids rank for Customer Satisfaction and Product Knowledge is the same.(vii) Interestingly, no individual awarded top rating like 9 or 10 twice or more and none of them awarded less than five rating.Q.Rating awarded by Claire for Salesmanship is

View answer

Siddhart is a pen-seller. He sells a pen such that the profit earned by selling 10 pens is equal to the cost price of 1 pen. The discount he gave on the marked price of the pen is 3 times the profit he earned by selling the pen. What approximate discount % should he offer the customer if he wishes to have a profit of 20%

View answer

A shopkeeper gives a discount of 16% on the marked price of a product and still gains 20% on the investment by selling a product. However, if customer returns the product, he charges y% on the selling price to the customer and still does not lose his profit. What is the value of y?

View answer

Five manufacturers A, B, C, D and E are selling four different products given in the table below. The table contains profit percentages gained on the cost price of these products by different manufacturers (after discount, if any).Note:1. The missing values can be calculated using the data given in the question.2. Cost price of a particular product is the same for all the manufacturers, unless specified.Q.The cost price of product 2 is Rs. 500 more than that of product 3, sold by manufacturer A. If the sum of selling prices of product 2 and product 3 sold by manufacturer A is Rs. 4840, then the selling price of product 2 is approximately what percent more/less than that of product 3 by the same seller?

View answer

Directions: Read the following information carefully and answer the given question.A minimum viable product (MVP) is a development technique in which a new product or website is developed with sufficient features to satisfy early adopters. The final, complete set of features is only designed and developed after considering feedback from the product's initial users. This technique helps them in making the final product much better. With the help of MVP concept, the research or the marketing team will come to know where the product is lacking and or what are its strengths or weaknesses.MVP has three distinct features. One is that it will have enough features for consumers to purchase the product (it becomes easier for the company to market it), the other is that it will have some sort of a feedback mechanism wherein users would be able to send their feedback about the product. And, lastly it should have enough future benefits for consumers who choose to adopt the product first (Google gave free upgrade of its OS to all Nexus users). The idea is to get feedback from the consumers which will in turn help in making the desired changes in the final product. MVP actually tests the usage scenario that is much more helpful for the company to make changes to the final product.The developing team of an MVP will not waste any time on anything beyond the bare minimum, and build every other feature over time as they assess the customers' wishes and preferences as they start using the product. The product may change even dramatically or even get abandoned as feedback from users may significantly diverge from the original project. However, the developing teams will not waste any resources (efforts, time, money, advertising) on a product that no one really wants, needs, or likes. The catch to this development technique is that it assumes that early adopters can see the vision or promise of the final product and provide the valuable feedback needed to guide developers forward.The whole focus is learning during product development by collecting information from customers that are validated already. Observing users as they utilize the product is much more reliable than trying to validate marketing hypotheses with questionnaires or forecasts. A common pitfall is to release a bare-bone product that is so much below the users' expectations that is not viable at all. In general, the MVP technique is particularly viable for technically-oriented products used by technical users who are often keen on providing practical insights on how to improve or update the product. The concept of MVP has, in fact, been widely adopted by many verticals in the informatics industry. For example, many video games today spend many months (sometimes years) as early access products and are slowly developed as the community grows. Some popular franchises, such as Farmville, fully leveraged the concept of MVP by implementing new gameplay features over time while progressively improving overall user experience.Q. Which of the following best describes the meaning of a minimum viable product (MVP)?

View answer

Top Courses for CATView all

Quantitative Aptitude (Quant)

Crash Course for CAT

CAT Mock Test Series 2024

3 Months Preparation for CAT

CAT Mock Test Series and 500+ Practice Tests 2024

Top Courses for CAT

View all

Share with a Friend

Answer this doubt

Question Description
Ram who is a retail seller of rice, buys the product from a whole-seller named Siddharth and then sells it to the customer. Siddharth is a deceitful person. He marks up the price of rice by 20%, and then while selling it to Ram he uses a balance that shows 20% extra weight than the actual weight. Ram marks up the price by 10% and then sells it to the customer. What is the profit/loss % of Ram?a)8.33% lossb)8.33% profitc)32% lossd)32% profitCorrect answer is option 'A'. 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 Ram who is a retail seller of rice, buys the product from a whole-seller named Siddharth and then sells it to the customer. Siddharth is a deceitful person. He marks up the price of rice by 20%, and then while selling it to Ram he uses a balance that shows 20% extra weight than the actual weight. Ram marks up the price by 10% and then sells it to the customer. What is the profit/loss % of Ram?a)8.33% lossb)8.33% profitc)32% lossd)32% profitCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ram who is a retail seller of rice, buys the product from a whole-seller named Siddharth and then sells it to the customer. Siddharth is a deceitful person. He marks up the price of rice by 20%, and then while selling it to Ram he uses a balance that shows 20% extra weight than the actual weight. Ram marks up the price by 10% and then sells it to the customer. What is the profit/loss % of Ram?a)8.33% lossb)8.33% profitc)32% lossd)32% profitCorrect answer is option 'A'. Can you explain this answer?.

Solutions for Ram who is a retail seller of rice, buys the product from a whole-seller named Siddharth and then sells it to the customer. Siddharth is a deceitful person. He marks up the price of rice by 20%, and then while selling it to Ram he uses a balance that shows 20% extra weight than the actual weight. Ram marks up the price by 10% and then sells it to the customer. What is the profit/loss % of Ram?a)8.33% lossb)8.33% profitc)32% lossd)32% profitCorrect answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for CAT. Download more important topics, notes, lectures and mock test series for CAT Exam by signing up for free.

Here you can find the meaning of Ram who is a retail seller of rice, buys the product from a whole-seller named Siddharth and then sells it to the customer. Siddharth is a deceitful person. He marks up the price of rice by 20%, and then while selling it to Ram he uses a balance that shows 20% extra weight than the actual weight. Ram marks up the price by 10% and then sells it to the customer. What is the profit/loss % of Ram?a)8.33% lossb)8.33% profitc)32% lossd)32% profitCorrect answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Ram who is a retail seller of rice, buys the product from a whole-seller named Siddharth and then sells it to the customer. Siddharth is a deceitful person. He marks up the price of rice by 20%, and then while selling it to Ram he uses a balance that shows 20% extra weight than the actual weight. Ram marks up the price by 10% and then sells it to the customer. What is the profit/loss % of Ram?a)8.33% lossb)8.33% profitc)32% lossd)32% profitCorrect answer is option 'A'. Can you explain this answer?, a detailed solution for Ram who is a retail seller of rice, buys the product from a whole-seller named Siddharth and then sells it to the customer. Siddharth is a deceitful person. He marks up the price of rice by 20%, and then while selling it to Ram he uses a balance that shows 20% extra weight than the actual weight. Ram marks up the price by 10% and then sells it to the customer. What is the profit/loss % of Ram?a)8.33% lossb)8.33% profitc)32% lossd)32% profitCorrect answer is option 'A'. Can you explain this answer? has been provided alongside types of Ram who is a retail seller of rice, buys the product from a whole-seller named Siddharth and then sells it to the customer. Siddharth is a deceitful person. He marks up the price of rice by 20%, and then while selling it to Ram he uses a balance that shows 20% extra weight than the actual weight. Ram marks up the price by 10% and then sells it to the customer. What is the profit/loss % of Ram?a)8.33% lossb)8.33% profitc)32% lossd)32% profitCorrect answer is option 'A'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Ram who is a retail seller of rice, buys the product from a whole-seller named Siddharth and then sells it to the customer. Siddharth is a deceitful person. He marks up the price of rice by 20%, and then while selling it to Ram he uses a balance that shows 20% extra weight than the actual weight. Ram marks up the price by 10% and then sells it to the customer. What is the profit/loss % of Ram?a)8.33% lossb)8.33% profitc)32% lossd)32% profitCorrect answer is option 'A'. Can you explain this answer? tests, examples and also practice CAT tests.

Explore Courses for CAT exam