Question

There is some profit when an article is sold for rupees 860. However when the same article is sold for rupees 560 there is some loss. If the quantum of profit is 2 times the quantum of loss find the cost price of an article?

Answer 1

To find the cost price of the article, equations based on the given profit and loss scenarios are formulated and solved, yielding 660 rupees as the cost price.

Step-by-step explanation:

The problem presented is a classic example of finding the cost price based on given conditions regarding profit and loss. Let's denote the cost price of the article as CP. When the article is sold for 860 rupees, there is profit, and when it's sold for 560 rupees, there is loss. If we consider the loss as L, then the profit is stated to be 2L (twice the amount of the loss).

The cost price of the article is 660 rupees.

Step-by-step explanation:

Let's assume the cost price of the article is x.

When it is sold for 860 rupees, the profit is given by 860 - x.

When it is sold for 560 rupees, the loss is given by x - 560.

According to the given information, the profit is 2 times the loss, so we can write the equation:

860 - x = 2(x - 560)

Simplifying the equation:

860 - x = 2x - 1120

3x = 1980

x = 660

Therefore, the cost price of the article is 660 rupees.

Thus, we have two equations:

1. 860 - CP = 2L (the profit made when selling at 860)
2. CP - 560 = L (the loss made when selling at 560)

By multiplying the second equation by 2, we get 2CP - 1120 = 2L. Substituting the profit from the first equation into this expression gives us 860 - CP = 2CP - 1120. Solving this equation for CP gives us CP = (860 + 1120) / 3.

Therefore, the cost price of the article is 660 rupees.