A dishonest shopkeeper promises to sell his goods at cost price. However, he uses a weight that actually weighs 24% less than what is written on it. Find his profit percentage.
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. %.
Let the cost price (CP) of 1 kg of goods = Rs. 100
He uses only 76% of 1 kg (because 24% less weight) = 0.76 kg
So, he gives only 0.76 kg but charges for 1 kg.
Cost for him = 0.76 kg × Rs. 100 = Rs. 76
Selling price (SP) = Rs. 100 (he charges full price)
Profit = SP - CP = 100 - 76 = Rs. 24
Profit % = (Profit / CP) × 100 = (24 / 76) × 100 ≈ %