Dear KATY, do you remember the purse that I bought four days back?
Yes Mom, I do remember
SCENE 2: CHAT OVER THE PURSE CONTINUES...
I am afraid that I would have to resell it as I do not like it anymore. Could you please help me in this regard?
Dear , please try to fetch any money, but avoid incurring any losses.
Mom, I can give it a shot. Could you please tell me that what price are you expecting as its resale value?
Mom, what is the meaning of losses?
SCENE 3: DISCUSSION OVER PROFITS AND LOSSES
Ohhh now I got it !Mom, what is the cost price of your purse?
Dear if you would sell my purse at a price more than its cost price, you will earn a profit.But if the selling price goes less than the cost price, it leads to losses.
The cost price of my purse is $300 .
Mom, I sold your purse for $350.
SCENE 4: AT THE PORCH...
Good Morning Mrs. Mccluskey! Would you like to buy a beautiful purse?
Yeah sure Katy. Dear could you please tell me it's price?
SCENE 5: ON THE ROADSIDE..
Hello Mrs. Solis, would you like to have this wonderful LAVIE purse in just $400?
Okay you can have it for $350.
SCENE 6: BACK TO THE HOME..
Well done Katty,you did a wonderful job.Can you tell me the profit earned / loss incurred in this transaction?
Mom,i sold your purse for $350
Yes , I know. SP=350; CP=300. Thus, I earned a profit of $50 .
Well done Katy, you did a wonderful job. Can you tell me the profit earned/ loss incurred in this transaction?
Well done you did the wonderful job.
It would cost you $400 .
Ohhh! That's too much to ask for a second hand purse.
Woww! this purse is pretty nice.But Katy I am willing to pay only $350 for it.