Class 8 Maths Comparing Quantities Price Related to Buying and Selling (Profit and Loss)

Price Related to Buying and Selling (Profit and Loss)

1. One can generate a profit only if Selling Price > Cost Price
2. One generates a loss when Selling Price < Cost Price
3. Profit = Selling Price – Cost Price

Profit % = [(Selling Price -Cost Price)/Cost Price] * 100

1. Loss = Cost Price – Selling Price

Loss % = [(Cost Price - Selling Price)/Cost Price] * 100

Problem: A VCR and TV were bought for ₹ 8,000 each. The shopkeeper made a loss of 4% on the VCR and a profit of 8% on the TV. Find the gain or loss percent on the whole transaction.

Solution: Cost price of VCR = ₹ 8000 and Cost price of TV = ₹ 8000

Total Cost Price of both articles = ₹ 8000 + ₹ 8000 = ₹ 16,000

Now VCR is sold at 4% loss.

Let C.P. of each article be ₹ 100, then S.P. of VCR = 100 – 4 = ₹ 96

When C.P. is ₹ 100, then S.P. = ₹ 96

When C.P. is ₹ 1, then S.P. = 96/100

When C.P. is ₹ 8000, then S.P. = 96/100 * 8000 = ₹ 7,680

And TV is sold at 8% profit, then S.P. of TV = 100 + 8 = ₹ 108

When C.P. is ₹ 100, then S.P. = ₹ 108

When C.P. is ₹ 1, then S.P. = 108/100

When C.P. is ₹ 8000, then S.P. = 108/100 * 8000 = ₹ 8,640

Then, Total S.P. = ₹ 7,680 + ₹ 8,640 = ₹ 16,320

Since S.P. > C.P.,

Therefore Profit = S.P. – C.P. = 16320 – 16000 = ₹ 320

And Profit% = (Profit/Cost Price) * 100

= (320/16000) * 100 = 2%

.