NCERT Class 7 Mathematics Solutions: Chapter 8 – Comparing Quantities Exercise 8.3 Part 1
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Understanding of Profit and Loss Percentage
1. Tell what is the profit or loss in the following transactions. Also find profit percent or loss percent in each case.
(a) Gardening shears bought for and sold for .
(b) A refrigerator bought and sold at .
(c) A cupboard bought for and sold at .
(d) A skirt bought for and sold at .
Answer:
(a) Cost price of gardening shears
Selling price of gardening shears
Since,
Therefore, Profit
Now,
So,
(b) Cost price of refrigerator
Selling price of refrigerator
Since,
So, here is profit.
Profit
Now,
So,
(C) Cost price of cupboard
Selling price of cupboard
Since,
So, here is profit.
Profit
Now,
So,
(d) Cost price of skirt
Selling price of refrigerator
Since,.
So, here is loss.
Profit
Now,
So,