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Simplification:
Profit or Gain: If S.P. is greater than C.P., the seller is said to have
a profit or gain.
Loss: If S.P. is less than C.P., the seller is said to have incurred a
loss.
When a person sells two similar items, one at a gain of say x%,
and the other at a loss of x%, then the seller always incurs a loss given
by: Loss % = (x/10)2
If a trader professes to sell his goods at cost price, but uses false
weights, then Gain % = [(Error/(True Wight Error)) x 100 ]%
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