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Question
Sharad bought one quintal of onions for Rs 2000. Later he sold them all at the rate of Rs 18 per kg. Did he make a profit or incurs a loss? How much was it?
Solution
Cost price of 1 quintal of onions = Rs 2000
We know that, 1 quintal = 100 kg.
Selling price of 1 kg of onions = Rs 18
∴ Selling price of 100 kg (or 1 quintal) of onions = 18 × 100 = Rs 1800
Since selling price is less than cost price, so there is a loss.
Loss = Cost price − Selling price
= 2000 − 1800
= Rs 200
Hence, Sharad incurred a loss of Rs 200 in this transaction.
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