A shopkeeper claims to sell his articles at ₹20 per kg which cost him ₹23 per kg. But while selling, he uses a false weight and gives only 800 gm instead of 1 kg. What is his profit percentage?
Answer & explanation
Correct answer: option 2
Selling price of 1000 gm = Selling price of 800 gm = Rs. 20
Cost price of 1000 gm = Rs. 23
⇒ Cost price of 800 gm = Rs. \(\frac{(23 × 800)}{1000}\) = Rs. 18.4
So, For 800 gm profit = Rs. (20 – 18.4) = Rs. 1.6
Profit% = \(\frac{1.6 × 100}{18.4}\) × 100 = $8\frac{16}{23}$%