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P calculates his profit percent on selling price while Q calculates his profit percent on cost price. They notice that difference between their profits is 1000 rupees. If selling price of both P and Q are same and P gets 40% profit and Q gets 60% profit. Then find their selling price
- a)7750
- b)8750
- c)9750
- d)1050
- e)None of these
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
P calculates his profit percent on selling price while Q calculates hi...
Let selling price = SP and cost price of A = CP1 and that of Q = CP2.
For P, % profit = (SP – CP1)/SP = 40/100. We get CP1 = (3/5)*SP
For Q, % profit = (SP – CP2)/CP2 = 60/100. We get CP2 = (5/7)*SP
Now, CP2 – CP1 = 1000. Solve this and we get SP = 8750
For P, % profit = (SP – CP1)/SP = 40/100. We get CP1 = (3/5)*SP
For Q, % profit = (SP – CP2)/CP2 = 60/100. We get CP2 = (5/7)*SP
Now, CP2 – CP1 = 1000. Solve this and we get SP = 8750
Most Upvoted Answer
P calculates his profit percent on selling price while Q calculates hi...
Given:
- P calculates profit percentage on selling price
- Q calculates profit percentage on cost price
- Difference between their profits is 1000 rupees
- Selling price of both P and Q are same
- P gets 40% profit
- Q gets 60% profit
To find: Selling price of both P and Q
Solution:
Let the cost price of the product be x.
The selling price of P is (1 + 40/100)x = 1.4x
The selling price of Q is (1 + 60/100)x = 1.6x
The difference between their profits is 1000 rupees.
Profit of P - Profit of Q = 1000
(1.4x - x) - (1.6x - x) = 1000
0.4x - 0.6x = 1000
-0.2x = 1000
x = -5000 (This is not possible as cost price cannot be negative)
Therefore, we made a mistake by assuming that the cost price is x.
Let the selling price of P and Q be y.
The cost price of P is (100/140)y = 5y/7
The cost price of Q is (100/160)y = 5y/8
Profit of P = y - 5y/7 = 2y/7
Profit of Q = y - 5y/8 = 3y/8
Difference between their profits = Profit of Q - Profit of P = (3y/8) - (2y/7) = 1000
Solving this equation, we get y = 8750.
Therefore, the selling price of both P and Q is 8750.
Hence, the answer is option B.
- P calculates profit percentage on selling price
- Q calculates profit percentage on cost price
- Difference between their profits is 1000 rupees
- Selling price of both P and Q are same
- P gets 40% profit
- Q gets 60% profit
To find: Selling price of both P and Q
Solution:
Let the cost price of the product be x.
The selling price of P is (1 + 40/100)x = 1.4x
The selling price of Q is (1 + 60/100)x = 1.6x
The difference between their profits is 1000 rupees.
Profit of P - Profit of Q = 1000
(1.4x - x) - (1.6x - x) = 1000
0.4x - 0.6x = 1000
-0.2x = 1000
x = -5000 (This is not possible as cost price cannot be negative)
Therefore, we made a mistake by assuming that the cost price is x.
Let the selling price of P and Q be y.
The cost price of P is (100/140)y = 5y/7
The cost price of Q is (100/160)y = 5y/8
Profit of P = y - 5y/7 = 2y/7
Profit of Q = y - 5y/8 = 3y/8
Difference between their profits = Profit of Q - Profit of P = (3y/8) - (2y/7) = 1000
Solving this equation, we get y = 8750.
Therefore, the selling price of both P and Q is 8750.
Hence, the answer is option B.
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Community Answer
P calculates his profit percent on selling price while Q calculates hi...
Let selling price = SP and cost price of A = CP1 and that of Q = CP2.
For P, % profit = (SP – CP1)/SP = 40/100. We get CP1 = (3/5)*SP
For Q, % profit = (SP – CP2)/CP2 = 60/100. We get CP2 = (5/7)*SP
Now, CP2 – CP1 = 1000. Solve this and we get SP = 8750
For P, % profit = (SP – CP1)/SP = 40/100. We get CP1 = (3/5)*SP
For Q, % profit = (SP – CP2)/CP2 = 60/100. We get CP2 = (5/7)*SP
Now, CP2 – CP1 = 1000. Solve this and we get SP = 8750
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