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A shopkeeper normally makes a profit of 20% in a certain transaction; he weights 900 g instead of 1 kg, due to an issue with the weighing machine. If he charges 10% less than what he normally charges, what is his actual profit or loss percentage?
- a)20%
- b)28%
- c)25%
- d)30%
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
A shopkeeper normally makes a profit of 20% in a certain transaction; ...
Solution:
To solve this problem, let's break it down into steps:
Step 1: Calculate the actual weight of the product
Given that the shopkeeper weights 900 g instead of 1 kg, we can calculate the actual weight of the product as follows:
Actual weight = (900 g / 1000 g) * 1 kg = 0.9 kg
Step 2: Calculate the selling price
Given that the shopkeeper charges 10% less than what he normally charges, we can calculate the selling price as follows:
Selling price = (100% - 10%) * Normal selling price = 90% * Normal selling price
Step 3: Calculate the cost price
Since the shopkeeper normally makes a profit of 20%, we can calculate the cost price as follows:
Cost price = (100% - 20%) * Selling price = 80% * Selling price
Step 4: Calculate the profit or loss percentage
To calculate the profit or loss percentage, we need to compare the profit or loss with the cost price.
Profit or loss = Selling price - Cost price
Profit or loss percentage = (Profit or loss / Cost price) * 100
Step 5: Substitute the given values into the equations
Using the values calculated in the previous steps, we can substitute them into the equations and calculate the profit or loss percentage:
Selling price = 90% * Normal selling price
Cost price = 80% * (90% * Normal selling price)
Profit or loss = (90% * Normal selling price) - (80% * (90% * Normal selling price))
Profit or loss percentage = [(90% * Normal selling price) - (80% * (90% * Normal selling price))] / [80% * (90% * Normal selling price)] * 100
Simplifying the equation, we get:
Profit or loss percentage = 10% / 72% * 100 = 13.89%
Therefore, the correct answer is not option 'A' but rather option 'B' which is 13.89%.
To solve this problem, let's break it down into steps:
Step 1: Calculate the actual weight of the product
Given that the shopkeeper weights 900 g instead of 1 kg, we can calculate the actual weight of the product as follows:
Actual weight = (900 g / 1000 g) * 1 kg = 0.9 kg
Step 2: Calculate the selling price
Given that the shopkeeper charges 10% less than what he normally charges, we can calculate the selling price as follows:
Selling price = (100% - 10%) * Normal selling price = 90% * Normal selling price
Step 3: Calculate the cost price
Since the shopkeeper normally makes a profit of 20%, we can calculate the cost price as follows:
Cost price = (100% - 20%) * Selling price = 80% * Selling price
Step 4: Calculate the profit or loss percentage
To calculate the profit or loss percentage, we need to compare the profit or loss with the cost price.
Profit or loss = Selling price - Cost price
Profit or loss percentage = (Profit or loss / Cost price) * 100
Step 5: Substitute the given values into the equations
Using the values calculated in the previous steps, we can substitute them into the equations and calculate the profit or loss percentage:
Selling price = 90% * Normal selling price
Cost price = 80% * (90% * Normal selling price)
Profit or loss = (90% * Normal selling price) - (80% * (90% * Normal selling price))
Profit or loss percentage = [(90% * Normal selling price) - (80% * (90% * Normal selling price))] / [80% * (90% * Normal selling price)] * 100
Simplifying the equation, we get:
Profit or loss percentage = 10% / 72% * 100 = 13.89%
Therefore, the correct answer is not option 'A' but rather option 'B' which is 13.89%.
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A shopkeeper normally makes a profit of 20% in a certain transaction; he weights 900 g instead of 1 kg, due to an issue with the weighing machine. If he charges 10% less than what he normally charges, what is his actual profit or loss percentage?a)20%b)28%c)25%d)30%Correct answer is option 'A'. Can you explain this answer?
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