The Satisfaction Academy

Profit and loss calculations are extensions of percentage only with a few twists thrown in because of play of words. In standard competitive exams, approaching these problems in a straight and simplified manner can save you from puzzlement. I will start this chapter by giving two problems on profit and loss: Problem 1: you have decided to make a donkey out of me. You buy a widget for $100 and sell it to me for $200. You buy it back from me for $300 and then sell it back to me for $400. Have you made any profit in this process? If yes, how much. Answer: If you said "no profit no loss" or "$100" you're in for a surprise. Let's see how much you earned in the process and how much spent. Your earnings = $200 + $400 = $600. Your spending = $100 + $300 = $400. Therefore, the amount earned by you = $600 - $400 = $200. Here's the first rule of profit and loss. ...

Problems on Time and Work are a common feature in most of the standard MBA exams. If you are well versed with the basics and have practised these problems during your preparation, they give you an easy opportunity to score and also save time. Here, I will try and give you the basic fundas with the help of examples. Let us start with a very basic problem: Problem 1: A takes 5 days to complete a piece of work and B takes 15 days to complete a piece of work. In how many days can A and B complete the work if they work together? Standard Solution: Let us consider Work to be 1 unit. So if W = 1 Unit and A takes 5 days to complete the work then in 1 day A completes 1/5th of the work. Similarly B completes 1/15th of the work. If they work together, in one day A and B can complete (1/5 + 1/15 = 4/15) of the work. So to complete 1 unit of work they will take 15/4 days. New method: Let us assume W = 15 units, which is the LCM of 5 and 15. Given that total time taken for A to compl...

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