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Q51
(CISF/2024)
Economy › Basic Concepts & National Income
The ratio between the sale price and the cost price of an article is 7:4. What is the ratio between the profit and the cost price of that article?
Result
Your answer:
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·
Correct:
A
Explanation
To determine the ratio between the profit and the cost price, we use the relationship between Sale Price (SP), Cost Price (CP), and Profit.
- The given ratio of Sale Price to Cost Price is SP:CP = 7:4.
- Let the Cost Price (CP) be 4x and the Sale Price (SP) be 7x.
- Profit is defined as: Profit = SP - CP = 7x - 4x = 3x.
The ratio between the profit and the cost price is:
Profit/CP = 3x/4x = 3/4
Therefore, the ratio is 3:4. Option A is the correct answer.
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