Guesstimate – Price of one Kilogram Potato in India ?
Let’s try to guesstimate the price of one kg potato in India. There could be multiple ways to do it, but your aim should be to keep the “scope of error” to the minimum.
To estimate the price of one kg potato, you can take up any food item which has potato in it.
You can estimate the price by using french fries, Potato burger, etc.
I will choose the classic Indian snack to guessimate the price of a kg of potato
Why Samosa and why not french fries?
Advantage of choosing Samosa –
-We know the lowest price of Samosa i.e. Rs. 10 from any roadside vendor
– You can easy estimate the operational cost and profit of a roadside vendor
Disadvantages of French fries:-
– The price range of French fries is huge, which ranges from Rs. 50 to Rs. 200
– If you want to estimate the price of potato using French Fries from McDonalds then you need to estimate the operational cost.
We take guesstimates to reduce the error percentage and come to a close number.
Assumptions:-
– One samosa weighs 150 gms
– Price of one samosa is Rs. 10
We will divide the price of a samosa in 4 parts
– Profit
– Cost Price of Potato
– Price of Flour, oil,spice and gas
– Labor cost(if any)
We can safely assume that flour will weigh around 30 gm in each samosa and the rest will be potato, so we have 120 gms of potato
Profit – 30% (You can take it in any range between 40 to 20% because it seems logical to expect such a high percentage of profit considering the fact that the Selling Price is on the lower side)
Profit – Rs. 3
Flour, oil, spices, and Gas – Flour and oil used by the road side vendors are generally of cheap quality, So we can assume an investment of 20% in these items. Rs. 2 for other ingredients
Operational Cost – There will be some operational cost like salary to one or two permanent staff and rent of the place. Let’s take it as 20% i.e. Rs. 2
Now we are left with only Potato, which is the main ingredient of Samosa
Rs. 3 for 120gms of Potato. Use unitary method to solve it further
120 gm = Rs. 3
1000 gm = Rs((3/120)*1000) = Rs. 25 per Kg
Roadside vendor mostly gets potato from whole sale. So, you can also state that the normal market rate of one kilogram of potato is 1.2 times the whole sale rate
Rs.(25*1.2) = Rs. 30 per Kg
Enjoy your samosa /_\
Happy Learning
The Data Monk
The Data Monk services
We are well known for our interview books and have 70+ e-book across Amazon and The Data Monk e-shop page . Following are best-seller combo packs and services that we are providing as of now
- YouTube channel covering all the interview-related important topics in SQL, Python, MS Excel, Machine Learning Algorithm, Statistics, and Direct Interview Questions
Link – The Data Monk Youtube Channel - Website – ~2000 completed solved Interview questions in SQL, Python, ML, and Case Study
Link – The Data Monk website - E-book shop – We have 70+ e-books available on our website and 3 bundles covering 2000+ solved interview questions. Do check it out
Link – The Data E-shop Page - Instagram Page – It covers only Most asked Questions and concepts (100+ posts). We have 100+ most asked interview topics explained in simple terms
Link – The Data Monk Instagram page - Mock Interviews/Career Guidance/Mentorship/Resume Making
Book a slot on Top Mate
The Data Monk e-books
We know that each domain requires a different type of preparation, so we have divided our books in the same way:
1. 2200 Interview Questions to become Full Stack Analytics Professional – 2200 Most Asked Interview Questions
2.Data Scientist and Machine Learning Engineer -> 23 e-books covering all the ML Algorithms Interview Questions
3. 30 Days Analytics Course – Most Asked Interview Questions from 30 crucial topics
You can check out all the other e-books on our e-shop page – Do not miss it
For any information related to courses or e-books, please send an email to [email protected]
