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Question: Instead of a meter scale, a cloth merchant uses a 120 cm scale while buying, but uses an 80 cm scale while selling the same cloth. What is his overall profit percentage?
- 50%
- 25%
- 40%
- 15%
- 10%
Approach Solution (1)
Here, He had given 80 cm of cloth instead of 100 cm using a faulty scale.
So, the actual product he is selling is costing him Rs. 80.
(Rs. 120 for 120 cms)
So, cost price = 80
Profit = SP - CP
= 120 - 80
= 40
Now, Profit % is always calculated on cost price.
Profit % = (Profit / CP) × 100
= (40 / 80) × 100
= 50%
Correct option: A
Approach Solution (2)
Rs. 120 for 120 cms
CP of the product = 80
Therefore, Profit = SP - CP = 120 - 80 = 40
Profit % = (Profit / CP) * 100
= (40 / 80) * 100
= 50%
Correct option: A
“Instead of a meter scale, a cloth merchant uses a 120 cm scale while buying, but uses an 80 cm scale while selling the same cloth. What is his overall profit percentage?”- is a topic of the GMAT Quantitative reasoning section of GMAT. This question has been taken from the book “GMAT Official Guide Quantitative Review”. To solve GMAT Problem Solving questions a student must have knowledge about a good amount of qualitative skills. The GMAT Quant topic in the problem-solving part requires calculative mathematical problems that should be solved with proper mathematical knowledge.
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