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On selling 17 balls at Rs. 720, there is a loss equal to the cost price of 5 balls. What is the cost price of a ball?
  • a)
    Rs. 43
  • b)
    Rs. 60
  • c)
    Rs. 55
  • d)
    Rs. 34
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
On selling 17 balls at Rs. 720, there is a loss equal to the cost pric...
Let the cost price of a ball be Rs. x.
So, the CP of 17 balls is Rs. 17x.
The CP of 5 balls is Rs. 5x.
 
Since Loss = CP - SP
So, 5x = 17x - 720
On solving, we get
12 x = 720
that is, x = 60
So, the cost price of a ball is Rs. 60.
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Most Upvoted Answer
On selling 17 balls at Rs. 720, there is a loss equal to the cost pric...
17 Sp = 720Loss = 17cp - 17 spLoss = 5cp Hence, 17cp - 720 = 5cp 12cp = 720Cp = 60
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Community Answer
On selling 17 balls at Rs. 720, there is a loss equal to the cost pric...
Let the cost price of a ball be Rs. x.
So, the CP of 17 balls is Rs. 17x.
The CP of 5 balls is Rs. 5x.
 
Since Loss = CP - SP
So, 5x = 17x - 720
On solving, we get
12 x = 720
that is, x = 60
So, the cost price of a ball is Rs. 60.
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Marginal analysis is an important decision-making tool in the business world. Pricing decisions tend to heavily involve analysis regarding marginal contributions to revenues and costs. In business, the practice of setting the price of a product to equal the extra cost of producing an extra unit of output, i.e. the marginal cost of producing the unit, is known as marginal-cost pricing. In the marginal analysis of pricing decisions, if marginal revenue, the increase in revenue from the sale of an additional unit of output, is greater than marginal cost at some level of output, marginal profit is positive, and, therefore, a greater quantity should be produced. Alternatively, if marginal revenue is less than the marginal cost, marginal profit is negative and a lesser quantity should be produced. Accordingly, firms tend to use this analysis to increase their production until marginal revenue equals marginal cost, and then charge a price which is determined by the demand curve. For instance, businesses often set prices close to marginal cost during periods of poor sales. If, for example, an item has a marginal cost of $1.00 and a normal selling price of $2.00, the firm selling the item might wish to lower the price to $1.10 - if demand has waned. The business would choose this approach because the incremental profit of 10 cents from the transaction is better than no sale at all.Which of the following best describes the primary purpose of the author?

On selling 17 balls at Rs. 720, there is a loss equal to the cost price of 5 balls. What is the cost price of a ball?a)Rs. 43b)Rs. 60c)Rs. 55d)Rs. 34Correct answer is option 'B'. Can you explain this answer?
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