Question

Find the profit or loss
\[
  {\text{CP = Rs}}{\text{.172}} \\
  {\text{SP = Rs}}{\text{.156}} \\
 \]

Answer 1

Hint: As we know that the formula to calculate either profit or loss it can be given by Profit or Loss = Selling price – Cost price and if the value is negative, it is loss else it will be profit.

Complete step by step answer:

Firstly all we need to calculate is the difference between C.P and S.P.
Now,
\[
  {\text{Profit/Loss = SP - CP}} \\
  {\text{ = 156 - 172}} \\
  {\text{ = - 16}} \\
 \]
Hence , as the difference is negative so it will be loss of \[{\text{Rs}}{\text{.16}}\]

Note: Cost Price is a price at which a product is purchased, is called its cost price (C.P.).
 The Selling Price is the amount at which a product is sold is known as its selling price (S.P.).
Profit or Gain: If SP is greater than CP then the seller is said to have profit or gain.
The profit and Loss formula is used in mathematics to determine the price of a commodity in the market and understand how profitable a business is.
Every product has a cost price and selling price. Based on the values of these prices, we can calculate the profit gained or the loss incurred for a particular product.