Cost Price \( = \) Rs. 350 and Selling Price \( = \) Rs. 400

Did you know that the concept of profit comes from as far back as ancient civilizations? Merchants in Mesopotamia famously traded goods, and keeping track of profits was crucial for their success. Today, calculating profit remains just as important for businesses of all sizes and walks of life, helping them thrive and grow in competitive markets! When you're looking at cost price and selling price, a common mistake is forgetting to consider additional costs like shipping or taxes. Always calculate your total expenses first to get a clear picture of your actual profit. A simple formula to remember is: Profit = Selling Price - Cost Price. In your case, that's Rs. 400 - Rs. 350 = Rs. 50 profit! Happy calculating!