Cost Price And Selling Price
Cost price (CP) refers to the price at which a product or item is purchased or produced. It is the cost incurred by a seller to acquire or manufacture the product. Selling price (SP) refers to the price at which a product or item is sold to customers or buyers. It is the price at which the seller offers the product for sale in the market.
In simple terms, the cost price is the amount paid by the seller, while the selling price is the amount received by the seller for selling the product. The selling price is generally higher than the cost price, as it includes the cost price plus a profit margin. The difference between the selling price and the cost price is known as the profit if the selling price is higher than the cost price. Conversely, if the selling price is lower than the cost price, the difference is referred to as a loss.
Profit = Selling Price - Cost Price
Loss = Cost Price - Selling Price
Let's denote the cost of one pencil as "x" and the cost of one pen as "y" in rupees.
From the given information, we can form two equations:
Equation 1: 5x + 7y = 50
Equation 2: 7x + 5y = 46
Solve Equation 1 for x:
5x = 50 - 7y
x = (50 - 7y) / 5
Substitute x in Equation 2:
7((50 - 7y) / 5) + 5y = 46
Multiply through by 5 to eliminate the fraction:
7(50 - 7y) + 25y = 230
350 - 49y + 25y = 230
-24y = -120
y = 5
Substitute y = 5 back into Equation 1 to find x:
5x + 7(5) = 50
5x + 35 = 50
5x = 15
x = 3
Therefore, the cost of one pencil is Rs. 3 and the cost of one pen is Rs. 5.
5 pencils and 7 pens together cost Rs.50, whereas 7 pencils and 5 pens together cost Rs.46. Find the costs of one pencil and one pen.
5 pencils and 7 pens together cost Rs.50, whereas 7 pencils and 5 pens together cost Rs.46. The costs of one pencil and one pen are Rs. 3 and Rs. 5 respectively.
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