Find all School-related info fast with the new School-Specific MBA Forum

It is currently 01 Aug 2014, 23:03

Close

GMAT Club Daily Prep

Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

Events & Promotions

Events & Promotions in June
Open Detailed Calendar

A motorcycle importer is planning on increasing the price of

  Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
TAGS:
Director
Director
User avatar
Joined: 07 Jun 2004
Posts: 618
Location: PA
Followers: 2

Kudos [?]: 142 [0], given: 22

GMAT Tests User
A motorcycle importer is planning on increasing the price of [#permalink] New post 04 Jul 2005, 06:33
00:00
A
B
C
D
E

Difficulty:

  55% (hard)

Question Stats:

52% (04:38) correct 48% (04:47) wrong based on 65 sessions
A motorcycle importer is planning on increasing the price of a certain model by $1000. At this new price 5 fewer motorcycles will be sold per month, but the total revenues will increase by $26,000 to $594,000. What is the number of motorcycles the manufacturer will sell at this new price?

(A) 51
(B) 61
(C) 66
(D) 71
(E) 76
[Reveal] Spoiler: OA
1 KUDOS received
Senior Manager
Senior Manager
avatar
Joined: 17 Apr 2005
Posts: 377
Location: India
Followers: 1

Kudos [?]: 13 [1] , given: 0

GMAT Tests User
Re: Word problem [#permalink] New post 04 Jul 2005, 06:51
1
This post received
KUDOS
rxs0005 wrote:
An importer of bikes is plannig to increase the price of a bike by 1000$.
At this new price 5 fewer bikes will be sold but total revenues will increase by 26000$ to 594000$. What is the number of bikes the manufactuer will seell at thhis new price.

Is there a simpler way to do this i got a quadratic equation.


66 bikes.

Got two equations bikes*price = 568 units
(bikes - 5)*(price + 1 ) = 594 units.

factorise 568 = 71 * 8.
use n = 71 and p = 8 in the second , it works.

Hence 66.

HMTG.
Director
Director
avatar
Joined: 03 Nov 2004
Posts: 870
Followers: 1

Kudos [?]: 7 [0], given: 0

GMAT Tests User
Re: Word problem [#permalink] New post 04 Jul 2005, 10:03
HowManyToGo wrote:
66 bikes.

Got two equations bikes*price = 568 units
(bikes - 5)*(price + 1 ) = 594 units.

factorise 568 = 71 * 8.
use n = 71 and p = 8 in the second , it works.

Hence 66.

HMTG.


Can you be more explicit as to how you deduced bikes*price = 568 units from bikes*units=$568000
Senior Manager
Senior Manager
avatar
Joined: 17 Apr 2005
Posts: 377
Location: India
Followers: 1

Kudos [?]: 13 [0], given: 0

GMAT Tests User
Re: Word problem [#permalink] New post 04 Jul 2005, 18:26
rthothad wrote:
HowManyToGo wrote:
66 bikes.

Got two equations bikes*price = 568 units
(bikes - 5)*(price + 1 ) = 594 units.

factorise 568 = 71 * 8.
use n = 71 and p = 8 in the second , it works.

Hence 66.

HMTG.


Can you be more explicit as to how you deduced bikes*price = 568 units from bikes*units=$568000


Substituted $1000 as 1 unit.

HMTG.
Director
Director
avatar
Joined: 03 Nov 2004
Posts: 870
Followers: 1

Kudos [?]: 7 [0], given: 0

GMAT Tests User
Re: Word problem [#permalink] New post 05 Jul 2005, 01:30
HowManyToGo wrote:
rthothad wrote:
HowManyToGo wrote:
66 bikes.

Got two equations bikes*price = 568 units
(bikes - 5)*(price + 1 ) = 594 units.

factorise 568 = 71 * 8.
use n = 71 and p = 8 in the second , it works.

Hence 66.

HMTG.


Can you be more explicit as to how you deduced bikes*price = 568 units from bikes*units=$568000


Substituted $1000 as 1 unit.

HMTG.

HMTG, Yes I did follow that, I was more interested in understanding why you did that, how did you know that 1 unit costs $1000.
Senior Manager
Senior Manager
avatar
Joined: 17 Apr 2005
Posts: 377
Location: India
Followers: 1

Kudos [?]: 13 [0], given: 0

GMAT Tests User
Re: Word problem [#permalink] New post 05 Jul 2005, 01:36
rthothad wrote:
HowManyToGo wrote:
rthothad wrote:
HowManyToGo wrote:
66 bikes.

Got two equations bikes*price = 568 units
(bikes - 5)*(price + 1 ) = 594 units.

factorise 568 = 71 * 8.
use n = 71 and p = 8 in the second , it works.

Hence 66.

HMTG.


Can you be more explicit as to how you deduced bikes*price = 568 units from bikes*units=$568000


Substituted $1000 as 1 unit.

HMTG.

HMTG, Yes I did follow that, I was more interested in understanding why you did that, how did you know that 1 unit costs $1000.


There is no unit which costs $1000, just that I chose that as 1 unit.
Also I did it to reduce big numbers, you can cancel out 1000 on both sides of the original equations , and get it down to what I used.

HMTG.
Manager
Manager
avatar
Joined: 10 Jul 2006
Posts: 75
Followers: 1

Kudos [?]: 2 [0], given: 0

GMAT Tests User
 [#permalink] New post 10 Dec 2006, 15:50
The shortest way I could think of to solve this prob is to set up equations first, then backsolve.

P: the price of each bike before the increase
B: the number of bikes before the increase

Then the change in revenue is
1000(B-5) - 5P = 26000

we also have P*B = 594000 - 26000 = 568 000.

Backsolve starting with B. Since B-5 = 61, 5P = 61 000 - 26 000. P = 7000. PB < 568 000. Eliminate A and B.

Backsolve with D, we will have PB>586000.

Then, C must be the answer
Director
Director
avatar
Status: Preparing for the 4th time -:(
Joined: 25 Jun 2011
Posts: 563
Location: United Kingdom
Concentration: International Business, Strategy
GMAT Date: 06-22-2012
GPA: 2.9
WE: Information Technology (Consulting)
Followers: 12

Kudos [?]: 301 [0], given: 217

GMAT Tests User
A motorcycle importer is planning on increasing the price of [#permalink] New post 22 Mar 2014, 05:12
A motorcycle importer is planning on increasing the price of a certain model by $1000. At this new price 5 fewer motorcycles will be sold per month, but the total revenues will increase by $26,000 to $594,000. What is the number of motorcycles the manufacturer will sell at this new price?

(A) 51

(B) 61

(C) 66

(D) 71

(E) 76

Guys can you help please?

This is how I am trying to solve this, but getting no where.

New revenue = $594,000
Old revenue = $594,000 - $26,000 = $568,000

Where I am struggling is to choose the variables and form the equation. Can someone please help?
_________________

Best Regards,
E.

MGMAT 1 --> 530
MGMAT 2--> 640
MGMAT 3 ---> 610 :-(

Intern
Intern
avatar
Joined: 06 Sep 2013
Posts: 16
Followers: 0

Kudos [?]: 5 [0], given: 3

Re: A motorcycle importer is planning on increasing the price of [#permalink] New post 22 Mar 2014, 12:05
try to think how we calculate revenue, should revenue=unit price*number of items sold
if you assume old price is P, number of items sold is N then here is how it looks like

(P+1000)*(N-5)=594000, also

P*N= 594000-26000

you can solve it from there

when you get N=71, remember that is the previous Number of item, you have to minus 5 to get current
Expert Post
Math Expert
User avatar
Joined: 02 Sep 2009
Posts: 18861
Followers: 3279

Kudos [?]: 22985 [0], given: 2653

Re: A motorcycle importer is planning on increasing the price of [#permalink] New post 23 Mar 2014, 04:55
Expert's post
enigma123 wrote:
A motorcycle importer is planning on increasing the price of a certain model by $1000. At this new price 5 fewer motorcycles will be sold per month, but the total revenues will increase by $26,000 to $594,000. What is the number of motorcycles the manufacturer will sell at this new price?

(A) 51

(B) 61

(C) 66

(D) 71

(E) 76

Guys can you help please?

This is how I am trying to solve this, but getting no where.

New revenue = $594,000
Old revenue = $594,000 - $26,000 = $568,000

Where I am struggling is to choose the variables and form the equation. Can someone please help?


Merging similar topics.

Please, search before posting. Thank you.


_________________

NEW TO MATH FORUM? PLEASE READ THIS: ALL YOU NEED FOR QUANT!!!

PLEASE READ AND FOLLOW: 11 Rules for Posting!!!

RESOURCES: [GMAT MATH BOOK]; 1. Triangles; 2. Polygons; 3. Coordinate Geometry; 4. Factorials; 5. Circles; 6. Number Theory; 7. Remainders; 8. Overlapping Sets; 9. PDF of Math Book; 10. Remainders; 11. GMAT Prep Software Analysis NEW!!!; 12. SEVEN SAMURAI OF 2012 (BEST DISCUSSIONS) NEW!!!; 12. Tricky questions from previous years. NEW!!!;

COLLECTION OF QUESTIONS:
PS: 1. Tough and Tricky questions; 2. Hard questions; 3. Hard questions part 2; 4. Standard deviation; 5. Tough Problem Solving Questions With Solutions; 6. Probability and Combinations Questions With Solutions; 7 Tough and tricky exponents and roots questions; 8 12 Easy Pieces (or not?); 9 Bakers' Dozen; 10 Algebra set. ,11 Mixed Questions, 12 Fresh Meat

DS: 1. DS tough questions; 2. DS tough questions part 2; 3. DS tough questions part 3; 4. DS Standard deviation; 5. Inequalities; 6. 700+ GMAT Data Sufficiency Questions With Explanations; 7 Tough and tricky exponents and roots questions; 8 The Discreet Charm of the DS ; 9 Devil's Dozen!!!; 10 Number Properties set., 11 New DS set.


What are GMAT Club Tests?
25 extra-hard Quant Tests

Get the best GMAT Prep Resources with GMAT Club Premium Membership

Manager
Manager
avatar
Joined: 20 Dec 2013
Posts: 124
Followers: 0

Kudos [?]: 12 [0], given: 44

GMAT ToolKit User
Re: A motorcycle importer is planning on increasing the price of [#permalink] New post 23 Mar 2014, 19:17
(P+1000)(Q-5)=594000
PQ=568000

subtract them and then substitute for P using 2nd equation

200Q-(568000/Q)=6200
Q^2-31Q-2840=0

then just factor, or plug-in keeping in mind that the answer choices will be 5 less than the positive root in the aforementioned quadratic

C
SVP
SVP
User avatar
Joined: 06 Sep 2013
Posts: 1629
Location: United States
Concentration: Finance
GMAT 1: 710 Q48 V39
WE: Corporate Finance (Investment Banking)
Followers: 10

Kudos [?]: 140 [0], given: 254

GMAT ToolKit User
Re: A motorcycle importer is planning on increasing the price of [#permalink] New post 26 Apr 2014, 15:19
Actually its not that tough, one can use backsolving on this one

We have that (q-5)(p+1000)=594,000
We also get that pq=568,000

We are asked for q-5.

Let's look at answer choices

Always start with C

If q-5=66--> q=71

568,000/71=8

Then replace (8000)(71)=568,000

BINGO

Answer: C

Hope this helps
Cheers
J :)
Re: A motorcycle importer is planning on increasing the price of   [#permalink] 26 Apr 2014, 15:19
    Similar topics Author Replies Last post
Similar
Topics:
9 While preparing over last few months, I have seen a major rajeevrks27 6 05 Mar 2012, 04:37
Increased price on firearms? vwjetty 0 09 Jul 2011, 23:12
A motorcycle importer is planning on increasing the price gk3.14 0 10 Dec 2006, 15:50
A car importer increases the price by 1000$ . At the new rxs0005 1 18 Aug 2006, 03:07
As planned by buyers, importing of certain fruits and GMATT73 5 29 Apr 2005, 00:36
Display posts from previous: Sort by

A motorcycle importer is planning on increasing the price of

  Question banks Downloads My Bookmarks Reviews Important topics  


cron

GMAT Club MBA Forum Home| About| Privacy Policy| Terms and Conditions| GMAT Club Rules| Contact| Sitemap

Powered by phpBB © phpBB Group and phpBB SEO

Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.