Simontaneous equation and profit and loss
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Answer
\50$
\ \frac{80}{3}$
Step-by-step solution
3 stepsLet be the cost price of one chair and be the cost price of one table.
Consider the following problem: A shopkeeper buys 2 chairs and 3 tables for a total cost of 192, find the cost price of one chair and one table.
Set up the equation for the total cost.
The total cost of 2 chairs and 3 tables is $180.
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 .
A 10% loss on a table means its selling price is .
The total selling price for 2 chairs and 3 tables is $192.Solve the system of simultaneous equations.
From equation , express in terms of :
Substitute this expression for into equation :
Now substitute the value of back into the expression for :
The cost price of one chair is \frac{80}{3}26.67).
The cost price of one chair is
\boxed{\50}\boxed{$ \frac{80}{3}}$.
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