An article is marked at $ 50\%$ above its cost price. If the marked price of the article is $₹1,500 $, then th

Question

An article is marked at $ 50\%$ above its cost price. If the marked price of the article is $₹1,500 $, then the cost price of the article is:

Examoogle · Accepted Answer

The correct answer is Option C: ₹1,000. 50% markup means the Marked Price is 150% or $\frac{3}{2}$ of the Cost Price. So, $CP = \frac{2}{3} 	imes 1500 = 1000$.

Step-by-Step Solution & Concepts:
Shortcut Trick: 50% markup means the Marked Price is 150% or $\frac{3}{2}$ of the Cost Price. So, $CP = \frac{2}{3} 	imes 1500 = 1000$.

Formula Used: $$MP = CP 	imes \left(1 + \frac{	ext{Markup}\%}{100}ight)$$

Given: Marked price (MP) = ₹1,500, Marked price is 50% above its cost price.

Steps: Identify Given Parameters: We are given the Marked Price ($MP$) = ₹1,500 and the markup percentage = $50\%$ above the Cost Price ($CP$).. Apply Formula for Marked Price: The marked price is calculated by adding the markup percentage to the cost price: $$MP = CP 	imes \left(1 + \frac{	ext{Markup}}{100}ight)$$. Simplify and Solve for Cost Price: Simplify the bracket to $1.5$ or $\frac{3}{2}$: $$1500 = CP 	imes 1.5$$, which gives $$CP = \frac{1500}{1.5} = 1000$$.

Answer: C is correct because the cost price calculated is ₹1,000.

Exam Tip: Similar percentage relations are used extensively in profit, loss, and discount problems where successive discounts are applied on the marked price.

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