Question

A dealer sells product X and product Y. He obtains 20% of the cost price as profit on product X. From product Y, he gains 30% of the cost price as profit. Total profit earned on these two products is $59. The sum of the cost prices of two products is $250. Find the cost price of each product. Additionally, calculate the profit obtained from a product X and the total price of 2 product X and 5 product Y.

Answer 1

1. Dealer obtains 20% of the cost price as profit on product X. From product Y, he gains 30% of the cost price as profit. Total profit earned on these two products is $59.

Expression will be;

0.2x + 0.3y = 59

The sum of the cost prices of two products is $250.

Expression is;

x + y = 250

0.2x + 0.3y = 59

x + y = 250

Solving by substitution;

x + y = 250

x = 250 - y

0.2(250 - y) + 0.3y = 59

50 - 0.2y + 0.3y = 59

50 + 0.1y = 59

0.1y = 9

y = 9/0.1

y = $90

x = 250 - y

= 250 - 90

= $160

Cost of Product X = $160

Cost of Product Y = $90

2. Profit from Product X

= 20% * 160

= $32

3. Total price of 2 product X and 5 product Y.

= (2 * 160) + (5 * 90)

= 320 + 450

= $770