Simontaneous equation and profit and loss

Business/Management

ScanSolve AI Answer

Answer

\50$

\ \frac{80}{3}$

Step-by-step solution

3 steps

Let cc be the cost price of one chair and tt be the cost price of one table.

Consider the following problem: A shopkeeper buys 2 chairs and 3 tables for a total cost of 180.Hesellsthechairsata20180. He sells the chairs at a 20% profit and the tables at a 10% loss. If his total selling price for all items is 192, find the cost price of one chair and one table.

  1. Set up the equation for the total cost.

    The total cost of 2 chairs and 3 tables is $180.

    2c+3t=180(∗)2c + 3t = 180 \quad (*)
  2. Set up the equation for the total selling price using profit and loss percentages.

    A 20% profit on a chair means its selling price is c+0.20c=1.20cc + 0.20c = 1.20c.
    A 10% loss on a table means its selling price is t−0.10t=0.90tt - 0.10t = 0.90t.
    The total selling price for 2 chairs and 3 tables is $192.

    2(1.20c)+3(0.90t)=1922(1.20c) + 3(0.90t) = 192 2.40c+2.70t=192(∗∗)2.40c + 2.70t = 192 \quad (**)
  3. Solve the system of simultaneous equations.

    From equation (∗)(*), express cc in terms of tt:

    2c=180−3t2c = 180 - 3t c=90−32tc = 90 - \frac{3}{2}t

    Substitute this expression for cc into equation (∗∗)(**):

    2.40(90−32t)+2.70t=1922.40\left(90 - \frac{3}{2}t\right) + 2.70t = 192 216−3.6t+2.7t=192216 - 3.6t + 2.7t = 192 216−0.9t=192216 - 0.9t = 192 0.9t=216−1920.9t = 216 - 192 0.9t=240.9t = 24 t=240.9=2409=803t = \frac{24}{0.9} = \frac{240}{9} = \frac{80}{3}

    Now substitute the value of tt back into the expression for cc:

    c=90−32(803)c = 90 - \frac{3}{2}\left(\frac{80}{3}\right) c=90−802c = 90 - \frac{80}{2} c=90−40c = 90 - 40 c=50c = 50

    The cost price of one chair is 50andthecostpriceofonetableis50 and the cost price of one table is \frac{80}{3}(approximately(approximately26.67).

    The cost price of one chair is \boxed{\50}andthecostpriceofonetableisand the cost price of one table is\boxed{$ \frac{80}{3}}$.

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