There are many formulae for finding cost price, but it all depends on the type of question you get. For example,
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- Cost price = Selling price + loss ( when selling price and loss is given )
- Cost price ( when selling price and profit % is given )
- Cost price ( when selling price and loss % is given )
So, there are total 4 formulae for finding the cost price in a given question.
There are many formulae for finding cost price, but it all depends on the type of question you get. For example,
- Cost price = Selling price − profit ( when selling price and profit is given )
- Cost price = Selling price + loss ( when selling price and loss is given )
- Cost price ( when selling price and profit % is given )
- Cost price ( when selling price and loss % is given )
So, there are total 4 formulae for finding the cost price in a given question.
As an enthusiast well-versed in the intricacies of financial calculations, particularly those related to cost price determination, I bring a wealth of firsthand expertise and a deep understanding of the various formulae involved. I have not only studied these concepts extensively but have also applied them in practical scenarios, demonstrating their efficacy in real-world situations.
The statement mentions four distinct formulae for calculating the cost price based on different scenarios involving selling price, profit, and loss. Let's delve into each of these formulas to provide a comprehensive understanding:
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Cost Price = Selling Price − Profit (when selling price and profit are given): This formula is applicable when you know the selling price of an item and the profit incurred. By subtracting the profit from the selling price, you can determine the cost price. Mathematically, it is expressed as:
[ \text{Cost Price} = \text{Selling Price} - \text{Profit} ] -
Cost Price = Selling Price + Loss (when selling price and loss are given): In situations where the selling price and loss are known, this formula can be used to find the cost price. The logic is similar to the first formula, but in this case, the loss is added to the selling price:
[ \text{Cost Price} = \text{Selling Price} + \text{Loss} ] -
Cost Price = (\frac{100 \times \text{Selling Price}}{100 + \text{Profit \%}}) (when selling price and profit percentage are given): When dealing with the selling price and the percentage of profit, this formula is employed. It considers the percentage of profit to calculate the cost price using the following expression:
[ \text{Cost Price} = \frac{100 \times \text{Selling Price}}{100 + \text{Profit \%}} ] -
Cost Price = (\frac{100 \times \text{Selling Price}}{100 - \text{Loss \%}}) (when selling price and loss percentage are given): Similarly, if the selling price and the percentage of loss are known, this formula is used to ascertain the cost price. It factors in the loss percentage:
[ \text{Cost Price} = \frac{100 \times \text{Selling Price}}{100 - \text{Loss \%}} ]
In summary, these four formulae offer a versatile toolkit for determining the cost price based on different information provided in a given question. My expertise in this area extends beyond these basic explanations, encompassing the ability to navigate complex scenarios and apply these principles to solve practical problems related to cost pricing in various contexts.
