Step-by-step explanation: the cost of 10 chairs is x.
the cost 16 chairs is also x. 10x = 16x
4x is loss.
Profit or Gain = Selling price – Cost price. Loss = Cost price – Selling price. Profit Percentage = [Profit/C.P.]×100. Percentage Loss = [Loss/C.P.]×100.
In simple way, we can say that sp- cp[ when it is a gain], cp -sp[ when it is a loss]. here it is a loss as well as a gain. so do both according to the formula
