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A product is bought for $150 and sold for $180. What is the profit in dollars?

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Question: A product is bought for $150 and sold for $180. What is the profit in dollars?

Options:

  1. $20
  2. $25
  3. $30
  4. $35

Correct Answer: $20

Solution: 

Profit = Selling Price - Cost Price = 180 - 150 = $30.

A product is bought for $150 and sold for $180. What is the profit in dollars?

Practice Questions

Q1
A product is bought for $150 and sold for $180. What is the profit in dollars?
  1. $20
  2. $25
  3. $30
  4. $35

Questions & Step-by-Step Solutions

A product is bought for $150 and sold for $180. What is the profit in dollars?
  • Step 1: Identify the cost price of the product, which is $150.
  • Step 2: Identify the selling price of the product, which is $180.
  • Step 3: Use the profit formula: Profit = Selling Price - Cost Price.
  • Step 4: Substitute the values into the formula: Profit = 180 - 150.
  • Step 5: Calculate the result: 180 - 150 = 30.
  • Step 6: Conclude that the profit is $30.
  • Profit Calculation – Understanding how to calculate profit by subtracting the cost price from the selling price.
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