What is S.P. Formula?

Hint: S.P. stands for selling price. It is the price at which an article is sold. If the seller gains profit then \[{\text{S}}{\text{.P}}{\text{. = C}}{\text{.P}}{\text{ + Profit}}\] and if loss occurs then \[{\text{S}}{\text{.P}}{\text{. = C}}{\text{.P}}{\text{ - Loss}}\] where, C.P. is the cost price of the article. Profit occurs when S.P.>C.P. and loss occurs when C.P.>S.P.

Complete step-by-step answer:
Selling price is the amount at which an article or product is sold. It is represented by SP. The formula of S.P. can be given in terms of Profit or Loss as-
1. If S.P. is greater than C.P. which is the cost price of the item then a profit is gained by the shopkeeper. So the formula becomes-
Profit = S.P. $ - $ C.P.
$ \Rightarrow $ \[{\text{S}}{\text{.P}}{\text{. = C}}{\text{.P}}{\text{ + Profit}}\]
2 .If S.P. is less than C.P. then the shopkeeper incurs a loss which is given by Loss=C.P.$ - $ S.P.
$ \Rightarrow $ \[{\text{S}}{\text{.P}}{\text{. = C}}{\text{.P}}{\text{ - Loss}}\]
The formula of SP can also be given in terms of Profit% and Loss% if the cost price of the item is given and profit % or loss% is given. The formulae are-
1. When Profit% is given
$ \Rightarrow $ ${\text{SP = }}$ $\left( {\dfrac{{100 + {\text{Profit% }}}}{{100}}} \right) \times {\text{CP}}$
2. When loss% is given
$ \Rightarrow $${\text{SP = }}$ $\left( {\dfrac{{100 + {\text{Loss% }}}}{{100}}} \right) \times {\text{CP}}$
If discount is provided on the marked price then the formula of SP can be written as-
$ \Rightarrow $ ${\text{SP = }}$ ${\text{MP - Discount}}$ Where, MP is the marked price of the item.

Note: You can also explain S.P. in the following way-
We buy items daily in our life whether it is a pen, scale, vegetables or any other commodity. So we can say that every item has a cost price (CP) and a selling price (SP). If we know these values, we can easily calculate the profit or gain that occurred. But if other values are given and we have to find the selling price (SP) then we use the following formula-
$ \Rightarrow $ \[{\text{S}}{\text{.P}}{\text{. = C}}{\text{.P}}{\text{ + Profit}}\] when SP>CP and
$ \Rightarrow $ \[{\text{S}}{\text{.P}}{\text{. = C}}{\text{.P}}{\text{- Loss}}\] when CP>SP.