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Rishi owns the shop of leather jackets. Due to the decrease in the supply of the units of the leather jackets, he doubles the selling price but due to the fixed contract, the cost price remains the same for him which results in triple profit for him. What is the original profit %?
1. 100%
2. 200/3% 
3. 120%
4. 150%
5.

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Correct Answer - Option 1 : 100%

CALCULATION:

Let the cost price and selling price be x and y respectively.

∴ Original profit = y - x      ----(1)

But due to the fall in the leather jacket supply,

⇒ 3(y - x) = 2y - x

⇒ 3y - 3x = 2y - x

⇒ y = 2x

From (1), Original profit = Rs.x

∴ Original Profit% = (Original Profit/Cost Price) × 100

⇒ Original Profit% = (x/x) × 100

Original Profit% = 100%

In this question, the relation between profit% and the selling price is the key to solving the problem.

Profit% = [(y - x)/x] × 100

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