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A product is bought for $250 and sold for $300. What is the profit in dollars?

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Question: A product is bought for $250 and sold for $300. What is the profit in dollars?

Options:

  1. $40
  2. $50
  3. $60
  4. $70

Correct Answer: $50

Solution: 

Profit = Selling Price - Cost Price = 300 - 250 = 50.

A product is bought for $250 and sold for $300. What is the profit in dollars?

Practice Questions

Q1
A product is bought for $250 and sold for $300. What is the profit in dollars?
  1. $40
  2. $50
  3. $60
  4. $70

Questions & Step-by-Step Solutions

A product is bought for $250 and sold for $300. What is the profit in dollars?
  • Step 1: Identify the cost price of the product, which is $250.
  • Step 2: Identify the selling price of the product, which is $300.
  • Step 3: Use the profit formula: Profit = Selling Price - Cost Price.
  • Step 4: Substitute the values into the formula: Profit = 300 - 250.
  • Step 5: Calculate the result: Profit = 50.
  • Profit Calculation – Understanding how to calculate profit by subtracting the cost price from the selling price.
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