A grocery retailer sells vegetable oil in his shop. Due to recent shortfall in the supply of vegetab

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26 Apr 2022 Profit & Loss

A grocery retailer sells vegetable oil in his shop. Due to recent shortfall in the supply of vegetable oil, he increases his selling price by 50% despite the cost price remains same for him due to a fixed price contract. He realizes that his profit have doubled. Find the original profit percent.

OPtion

1) 50%
2) 150%
3) 100%
4) 200%
5) 166.66%
6) 133.33%
7) 66.66%
8) 33.33%
9) 37.50%
10) None of these

Solution

Let the original C.P. be 'x' and S.P. be 'y', then profit = (y-x)
When S.P. = 1.5y and C.P. = x, then profit = (1.5y-x)
Given, New Profit = 2*Original Profit
(1.5y-x) = 2(y-x)
0.5y = x
y/x = 2/1
Original profit % = [(SP-CP)/CP]*100 = [(2-1)/1]*100 = 100%

Correct Option: 3 Best Solution (1)