A shopkeeper buys cookstoves for $700 from a supplier. The same shopkeeper sells these cookstoves to customers for $1,000 each. If the shopkeeper sells 5 cookstoves in one day, how much profit has the shopkeeper generated?Choose 1 answer:$700$300$1,000$1,500
Question
A shopkeeper buys cookstoves for 1,000 each. If the shopkeeper sells 5 cookstoves in one day, how much profit has the shopkeeper generated?Choose 1 answer:3001,500
Solution
The profit made by the shopkeeper can be calculated by subtracting the cost price from the selling price and then multiplying by the number of items sold.
Step 1: Calculate the profit from selling one cookstove. Profit per cookstove = Selling price - Cost price Profit per cookstove = 700 = $300
Step 2: Calculate the total profit from selling 5 cookstoves. Total profit = Profit per cookstove * Number of cookstoves sold Total profit = 1,500
So, the shopkeeper has generated a profit of $1,500.
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