Answer:
- Starting profit was twice the cost price or 2/3 of the selling price
Step-by-step explanation:
Selling price is:
Then, profit:
Let profit be x, then:
- x = SP - CP initial profit
- 7x = 5SP - CP new profit
- 6x = 4SP subtracting the above 2 equations
- x = 4/6SP
- x = 2/3SP profit in terms of selling price
Finding profit relationship with cost:
- CP = SP - 2/3SP = 1/3SP
- SP = 3CP
- x = 2CP profit in terms of cost
Starting profit was twice the cost price or 2/3 of the selling price
