A handloom cooperative sells a bedsheet at a certain price. Had it sold the same bedsheet for two-thirds of that price, it would have made a loss of 20%. Its profit percent at the price actually charged is:

Two-thirds of the selling price equals 80% of the cost, so $(2/3)S=0.8C$ → $S=1.2C$, a profit of 20%. (Check with a cost of ₹300: the actual price is ₹360 and two-thirds of it is ₹240, a loss of ₹60 = 20%.) Answering 33.33% quotes the drop from $S$ to $(2/3)S$ measured on the wrong base, and it also forgets that the reduced price is below cost, not at it.