Question

a salesman bought 2 dozen television sets at $300 each. he sold two-thirds of them at a 25% profit but was forced to take a 30$ loss on the rest. what was his total profit(or loss) on the television sets?

Answer 1

Original price: 24 times 300 = 7200

Making money: 0.25*(2/3)24*300 = 1200

Loss: 0.3*(1/3)24*300 = 720

Profit overall = 120–720 = $480

A good that is commonly accepted as a medium of economic exchange is money. It serves as the main determinant of wealth and the medium through which prices and values are expressed. It is used as a medium of exchange since it can move anonymously from one person to another and from one country to another.

The primary function of money is to enable a trade to occur without the dreaded double coincidence of barter by enabling the distinction between buying and selling.

Theoretically, credit may fulfil this need, but the supplier would need to know the probability of repayment before extending credit. In contrast to using money, this requires far more information on the customer and involves informational and verification fees.

Learn more about money here:

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