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Profit and Loss
A man sold two steel chairs for ₹ 500. On one, he gains 20% and on the other, he loses
12%. How much does he gain or lose on the whole transaction? -
1 Reply
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To find out how much the man gains or loses on the whole transaction, we need to calculate the individual gains and losses on each chair and then combine them.
Let’s assume the selling price of the first chair, on which the man gains 20%, is ‘x’ rupees. Therefore, the selling price of the second chair, on which the man loses 12%, is (500 – x) rupees, as the total selling price of both chairs is ₹ 500.
To calculate the gain on the first chair:
Gain = 20% of the selling price
= (20/100) * x
= 0.2x
To calculate the loss on the second chair:
Loss = 12% of the selling price
= (12/100) * (500 – x)
= 0.12 * (500 – x)
= 60 – 0.12x
Now, let’s calculate the overall gain or loss by subtracting the loss from the gain:
Overall gain/loss = Gain – Loss
= 0.2x – (60 – 0.12x)
= 0.2x – 60 + 0.12x
= 0.32x – 60
To determine whether there is a gain or a loss on the whole transaction, we need to evaluate the expression 0.32x – 60.
If the value of (0.32x – 60) is positive, it indicates a gain. If it is negative, it indicates a loss.
Since we don’t have the specific value of ‘x’ or the selling price of the first chair, we cannot determine the exact gain or loss on the whole transaction.