If a product is sold for $150 at a profit of 50%, what was the cost price?

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Question: If a product is sold for $150 at a profit of 50%, what was the cost price?

Options:

Correct Answer: $100

Solution:

Let the cost price be x. Selling Price = x + 50% of x = 150. Thus, 1.5x = 150, so x = 100.

If a product is sold for $150 at a profit of 50%, what was the cost price?

If a product is sold for $150 at a profit of 50%, what was the cost price?

Step 1: Understand that the selling price is $150 and the profit is 50%.
Step 2: Let the cost price be represented by 'x'.
Step 3: Calculate the profit amount, which is 50% of the cost price (0.5 * x).
Step 4: The selling price is the cost price plus the profit, so we write the equation: Selling Price = Cost Price + Profit.
Step 5: Substitute the values into the equation: 150 = x + 0.5x.
Step 6: Combine like terms: 150 = 1.5x.
Step 7: To find 'x', divide both sides of the equation by 1.5: x = 150 / 1.5.
Step 8: Calculate the value: x = 100.

Profit Calculation – Understanding how to calculate the selling price based on the cost price and profit percentage.
Algebraic Manipulation – Using algebra to solve for the unknown variable (cost price) in an equation.