The cost price of an article 1 is six times of the profit earned by selling it at SP1. Cost price of article 2 is three times the loss incurred by selling it at SP2. If the cost prices of the articles are the same, then what is the ratio of SP1 and SP2?
Answer & explanation
Correct answer: option 1
According to the question,
= CP1 = 6(Profit)
= CP1 = 6 × (SP1 – CP1)
= 7 × CP1 = 6 × SP1
= CP1 = (\(\frac{6}{7}\) ) SP1 ---- (a)
= CP2 = 3(Loss)
= CP2 = 3(CP2 - SP2)
= 3 SP2 = 2 CP2
= CP2 = (\(\frac{3}{2}\) ) SP2 ---- (b)
According to the question,
If the cost prices of the articles are the same,
Put (a) = (b)
= (\(\frac{6}{7}\) ) SP1 = (\(\frac{3}{2}\) ) SP2
= SP1 : SP2 = 7 : 4