Lamps which cost $120 wholesale are sold for $192, at a profit of $6 per lamp. How many lamps were in the shipment?
Question
Lamps which cost 192, at a profit of $6 per lamp. How many lamps were in the shipment?
Solution
1. Break Down the Problem
To solve for the number of lamps in the shipment, we need to determine how many lamps can be sold to achieve the given profit from the total revenue.
2. Relevant Concepts
- Cost price per lamp (wholesale price) = $120
- Selling price per lamp = $192
- Profit per lamp = Selling price - Cost price
- Total revenue from lamp sales = Number of lamps sold * Selling price
3. Analysis and Detail
-
Calculate the profit earned per lamp:
-
Given that the problem states a profit of $6 per lamp, we use this to determine the number of lamps: Let be the number of lamps in the shipment.
-
The total profit is the total revenue minus the total cost. The total cost is:
-
The total revenue from selling all lamps is:
-
Profit can also be defined as:
-
According to the information, the profit equation can also be expressed as:
4. Verify and Summarize
Setting the two expressions for profit equal to each other: Divide both sides by (assuming ): This simplifies to show that profits are consistent with the selling price and wholesale price.
Final Answer
Thus, the shipment contained:
Similar Questions
What is the total current in a circuit consisting of six 100-watt lamps connected in parallel to a 120-volt source?A 5 AB 20 AC 600 AD 12 000 A
Christa went shopping for back-to-school clothes. Before the tax was added on, her total was $176. If the sales tax is 6%, what was the total amount she paid?
What will be the operating cost for a 100-W lamp continuously for 1 week when the power utility rate is 15¢/kWh?Group of answer choices$2.52$3.00$0.52$1.90
John works in a commission only company. He sold items worth Php13,000 and he will get a 6% commission rate. How much did he earn?
Iron Man made a total of 21 gadgets and masks for $3 340. It cost him $190 to make each gadget and $140 to make each mask.How many masks did he make?
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.