Question

Identify and explain the following concept:

Abhijeet sold 15 chairs for ₹ 3000, for each chair he earned ₹ 200.

Answer 1

Concept: Profit per Unit

Explanation:

Abhijeet earned ₹ 200 as profit for each chair sold. Since he sold 15 chairs, the total profit is calculated as:

Total Profit = Profit per unit × Number of units sold

= 200 × 15

= 3000

Thus, the total profit earned by Abhijeet from selling 15 chairs is ₹ 3000.

This concept refers to profit per unit, which is the amount of profit earned on each unit of product sold.