COST PRICE AND SELL PRICE IN COMPARING QUANTITIES

Introduction:
In Class 7, you will learn about cost price (CP) and selling price (SP) in comparing quantities. These concepts are fundamental in understanding profit and loss calculations. Cost price refers to the price at which an item is acquired or produced, while selling price is the price at which an item is sold. To understand these concepts better, let's break down the steps involved in solving questions related to cost price and sell price.

Step 1: Understand the Question
Read the question carefully and identify the given information. Look for keywords such as cost price, selling price, profit, loss, percentage, and quantity. Understanding the question is crucial to solving it correctly.

Step 2: Identify the Given Values
Identify the values provided in the question. Typically, you will be given either the cost price and profit percentage, or the cost price and selling price. Extract these values and write them down.

Step 3: Calculate the Selling Price
If you are given the cost price and profit percentage, calculate the selling price using the formula:
Selling Price = Cost Price + (Profit Percentage * Cost Price)

Step 4: Calculate the Cost Price
If you are given the cost price and selling price, calculate the profit or loss using the formula:
Profit or Loss = Selling Price - Cost Price

Step 5: Calculate the Profit or Loss Percentage
To calculate the profit or loss percentage, use the formula:
Profit or Loss Percentage = (Profit or Loss / Cost Price) * 100

Step 6: Solve the Question
Apply the calculations from the previous steps to answer the question. Determine whether there is a profit or loss, and calculate the profit or loss percentage if required.

Example:
Let's consider an example to illustrate the steps mentioned above. Suppose the cost price of an item is $100 and the profit percentage is 25%. We need to find the selling price.

Step 1: Understand the Question - We need to find the selling price.

Step 2: Identify the Given Values - Cost price = $100, Profit percentage = 25%.

Step 3: Calculate the Selling Price - Using the formula:
Selling Price = Cost Price + (Profit Percentage * Cost Price)
Selling Price = $100 + (0.25 * $100) = $100 + $25 = $125.

Therefore, the selling price of the item is $125.

Conclusion:
Solving questions related to cost price and selling price in comparing quantities involves understanding the given values, applying the appropriate formulas, and performing the necessary calculations. By following the steps mentioned above, you will be able to solve such questions effectively. Remember to read the questions carefully and double-check your calculations to ensure accuracy.