If a shopkeeper sells an item for $150 at a profit of 50%, what was the cost pri

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Question: If a shopkeeper sells an item 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 = Cost Price + Profit = x + 0.5x = 1.5x. 1.5x = 150, so x = 150/1.5 = 100.

If a shopkeeper sells an item for $150 at a profit of 50%, what was the cost price?

If a shopkeeper sells an item 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 in terms of 'x'. Since the profit is 50%, it can be written as 0.5x.
Step 4: Write the equation for selling price: Selling Price = Cost Price + Profit, which is x + 0.5x.
Step 5: Combine the terms: x + 0.5x = 1.5x.
Step 6: Set the equation equal to the selling price: 1.5x = 150.
Step 7: Solve for 'x' by dividing both sides by 1.5: x = 150 / 1.5.
Step 8: Calculate the value: x = 100.

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