What is the profit percentage of a dishonest cloth merchant who uses a scale which measures 16(2/3)% less than what is marked on it, and also sells at a price 10% higher than the cost price?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. 32%
Let's assume that the cost price of 1 cm of cloth is Rs. 10.
He sells at a price 10% higher than the cost price
Selling price of 1 cm = 10 of (100+10)%
= 10 of 110%
= 11
Let's assume that he marked 6 cm of cloth to sell. But as per the question, he did %
cheating in the measurement.
The actual quantity of cloth sold = 6 of (100 - )%
= 6 of (100 - 50/3)%
= 6 of ( 300 - 50/3)%
= 6 × 250/300
= 5 cm
So the cost price of 5cm cloth = 5 × 10
= 50 .....Eq.(i)
The selling price of 6cm cloth (in actuality it was 5cm because of cheating) = 6 × 11
= 66 ......Eq.(ii)
Profit percentage= (selling price-cost price/cost price) × 100
= {Eq.(ii) - Eq.(i)/Eq.(i)} × 100
= 66 - 50/50 × 100
= 16/50 × 100
= 32%