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1. The percentage profit is 140%

   What is percentage?

   Percentage can be described as the expression of a number in hundredth.

   The formula for calculating percentage profit is

   profit/cost price × 100

   cost price=  $50
   selling price= $15
   number of mats produced= 8

   selling price of the mat= 15 × 8
   = 120

   Profit= selling price-cost price

   = 120-50
   $70

   Therefore the percentage profit can be calculated as follows

   = 70/50 × 100
   = 1.4 ×100
   = 140

   Thus, the percentage profit is 140%

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