Tips for Solving MCQs Regarding Cost and Selling Prices

Q. The selling price of one product is 75. of its cost price. if the selling price is 150% of its cost price find the cost price of that product? 

A. 10

B. 20

C. 30

D. 40

E. None of these 

Solution: The correct answer is C.

Cost Price = x

Selling Price = 150% of cost price means 150% of x  

As we know that 

Cost Price = Selling Price - Percentage of Cost Price             

               x = 75 - 150% of x 

               x = 75 - (150/100 ) x

               x = 75 - (3/2)x 

         => 2x = 150 -3x 

         => 2x+3x = 150 

         => 5x = 150 

         =>  x = 150/5       

         => x = 30   

Hence, generalize your study and make list of formulas which are given below. Further, the examiner will ask you to find selling price if cost price and percentage of cost price is given or find the percentage of cost price if cost and selling price are given. 

Cost Price = Selling Price - Percentage of Cost Price

Selling Price = Cost Price + Percentage of Cost Price  

Percentage of Cost Price  = Selling Price - Cost Price