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A book vendor sold a book at loss of 10%. Had he sold it for Rs. 108 more, he would have earned a profit of 10%. Find the cost of the book.
The cost of the book is Rs. 540.
Let’s denote the cost price of the book as C.
Given that the book was sold at a loss of 10%, it means it was sold for 90% of its cost price. So, the selling price in this case would be 0.90C.
Also, it’s given that if the book was sold for Rs. 108 more, the vendor would have earned a profit of 10%. In this case, the selling price would be 110% of the cost price, which is 1.10C.
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So, we have two equations based on the selling prices:
- 0.90C (selling price at a loss)
- 1.10C (selling price at a profit)
According to the given information, the difference between these selling prices is Rs. 108.
So, we can write the equation:
1.10C – 0.90C = 108
0.20C = 108
Now, we can solve for C:
C = 108 / 0.20
C = 540
So, the cost of the book is Rs. 540.
Cost Price and Selling Price
Cost Price (CP): This is the price at which a product or service is purchased or manufactured. It includes the cost of production, raw materials, labor, overhead costs, etc. Cost price can also be referred to as the cost of goods sold (COGS) in accounting terms.
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Selling Price (SP): This is the price at which a product or service is sold to customers. It is the amount that customers pay to acquire the product or service. The selling price is typically higher than the cost price in order to generate a profit.
The relationship between cost price, selling price, and profit can be expressed through the formula:
Profit = Selling Price – Cost Price
If the selling price is greater than the cost price, then there is a profit. If the selling price is less than the cost price, then there is a loss.
Here’s an example:
Suppose you buy a shirt from a wholesaler for $20 (cost price) and sell it in your store for $30 (selling price). Using the formula:
Profit = $30 – $20 = $10
So, in this case, your profit per shirt is $10.
It’s important to note that various factors such as demand, competition, market conditions, and pricing strategy can influence both the cost price and selling price of a product or service.
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Categories: Math
