Aptitude - Profit and Loss - Discussion

First of all, in the problem they had given that if selling price doubles, profit will be tribled.

Actually we have the formulae that,

Profit = selling price - cost price.

Let the selling price be y and cost price be x.

From formulae above profit= s.p - c.p.

Profit= y - x -----> (1).

From the data given, if selling price doubles, profit will be tripled. so that,

From(1), we can write

Profit = y-x, here from the data given if y doubles profit will be tripled. so we can write in place of profit we can write y-x.

3(y-x) = 2y-x,
y = 2x,
profit from (1),
profit = 2x-x.
= x.

Then we have to calculate profit percentage, so we have formulae for profit percentage
Profit%= (profit/cost price) * 100,
= (x/x) * 100.

Profit% = 100%.
Thus the answer is crystal clear.

A table is sold at a profit of 20%. If the cost price and selling price are rs200 less, the profit would be 8%more, find the cost price.

Can anyone solve this?

Good explanation @Raj.

Very simple example..
Let,
c.p X= 2 and,
s.p Y1= 4.
Profit will be , P1=4 - 2= 2.

Now, check the condition if s.p is doubled, profit is tripled.
Means if Y2 = 2*Y1 ,
New profit will be P2= 3 * P1.

i.e, Y2 = 2 * 4 = 8,
And new profit P2 = 8-2 =6,
P2 = 3 * 2 = 6(condition satisfied).

Now check the % profit for original price.
%profit= [(Y1-X)/X]*100.
=[(4-2)/2]*100.
= [2/2]*100= 100%.

In question they gave sp is doubled. So we have to take only 2y, why you took 2y-x?

@ALL.

Let the cp -x.
Then the sp double-2x.
Then profit triple-3x.
Sp - cp =gain/loss.
2x - x = x,
Gain/cp * 100.
x/x * 100.
Then, we got 100%_ans.

EX: If price is 50 and you sell that thing for RS150 than simply your profit is 100%.

Because here there no loss.

There is no need for calculating y=2x (its already given in the question).

Just calculates profit%=((2x-x)/x)*100=100%.

I believe your all wrong. There are too many assumptions in this problem.

Nothing is mentioned about the cost. Every single one of you are doubling the cost to get the selling price. The question specifically says double the selling price, not double the cost. If you make a table, this is a better visual.

-------> initial ----- new
SP---> 10 ----- 20
CP---> -5 ----- (- 5)
P---> 5 ----- 15

Selling price as you can see is double and profit is tripled. Cost does not change. Profit is tripled.

profit = sp - cp.
3 profit = 2 sp - cp.
profit = cp.
profit % = profit / cp * 100 = cp / cp * 100 = 100%.