A merchant bought 50 kg of rice at $2 per kg and sold it at $2.50 per kg. What i
Practice Questions
Q1
A merchant bought 50 kg of rice at $2 per kg and sold it at $2.50 per kg. What is the total profit?
$25
$30
$20
$15
Questions & Step-by-Step Solutions
A merchant bought 50 kg of rice at $2 per kg and sold it at $2.50 per kg. What is the total profit?
Step 1: Calculate the total cost price of the rice. Multiply the quantity of rice (50 kg) by the cost per kg ($2). This gives you 50 * 2 = $100.
Step 2: Calculate the total selling price of the rice. Multiply the quantity of rice (50 kg) by the selling price per kg ($2.50). This gives you 50 * 2.5 = $125.
Step 3: Calculate the profit by subtracting the total cost price from the total selling price. This gives you $125 - $100 = $25.
Cost Price and Selling Price – Understanding the difference between the cost price (CP) and selling price (SP) is essential for calculating profit.
Profit Calculation – Profit is calculated by subtracting the cost price from the selling price.
