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A shop owner professes to sell his articles at certain cost

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A shop owner professes to sell his articles at certain cost [#permalink] New post 17 Feb 2012, 22:17
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Question Stats:

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A shop owner professes to sell his articles at certain cost price but he uses false weights with which he cheats by 10% while buying and by 10% while selling. What is his percentage profit?

A. 10.22%
B. 20.22%
C. 21.22%
D. 22.22%
E. Can't be calculated
[Reveal] Spoiler: OA
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Re: Percentages-PS [#permalink] New post 17 Feb 2012, 22:42
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Expert's post
LM wrote:
A shop owner professes to sell his articles at certain cost price but he uses false weights with which he cheats by 10% while buying and by 10% while selling. What is his percentage profit?

A. 10.22%
B. 20.22%
C. 21.22%
D. 22.22%
E. Can't be calculated


I guess we are asked to get the percentage profit from cheating.

The owner buys 100kg but actually gets 110kg;
The owner sells 100kg but actually gives 90kg;

Profit: (110-90)/90*100=~22.22%

Answer: D.
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Re: Percentages-PS [#permalink] New post 17 Feb 2012, 22:47
Bunuel wrote:
LM wrote:
A shop owner professes to sell his articles at certain cost price but he uses false weights with which he cheats by 10% while buying and by 10% while selling. What is his percentage profit?

A. 10.22%
B. 20.22%
C. 21.22%
D. 22.22%
E. Can't be calculated


I guess we are asked to get the percentage profit from cheating.

The owner buys 100kg but actually gets 110kg;
The owner sells 100kg but actually gives 90kg;

Profit: (110-90)/90*100=~22.22%

Answer: D.


Answer is correct! Again you seem to have attacked it in swift manner, but I am unable to understand which formula or concept you are using behind it. to calculate percentage profit, you have taken the ratios of the quantity and also I couldn't figure out how did you chose the denominator to be 90 instead of 110? If you can inform the basic fundamental concept/thought process behind it, it would be really helpful.
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Re: Percentages-PS [#permalink] New post 17 Feb 2012, 22:59
Supposing the shopkeeper bought good worth $100. Because he cheats by 10%, he would have paid only $90 for them. Again, while selling them, because he cheats, he sells goods worth $100 for $110.

Percentage profit = (110-90)/90 x 100%
= 22.22%

Option (D)
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Re: Percentages-PS [#permalink] New post 17 Feb 2012, 23:09
Expert's post
LM wrote:
Bunuel wrote:
LM wrote:
A shop owner professes to sell his articles at certain cost price but he uses false weights with which he cheats by 10% while buying and by 10% while selling. What is his percentage profit?

A. 10.22%
B. 20.22%
C. 21.22%
D. 22.22%
E. Can't be calculated


I guess we are asked to get the percentage profit from cheating.

The owner buys 100kg but actually gets 110kg;
The owner sells 100kg but actually gives 90kg;

Profit: (110-90)/90*100=~22.22%

Answer: D.


Answer is correct! Again you seem to have attacked it in swift manner, but I am unable to understand which formula or concept you are using behind it. to calculate percentage profit, you have taken the ratios of the quantity and also I couldn't figure out how did you chose the denominator to be 90 instead of 110? If you can inform the basic fundamental concept/thought process behind it, it would be really helpful.


First of all I don't think that this is a GMAT question, since there is certain ambiguity in wording. Next, if we forget about it, then we'll have that he gets 110kg and gives away 90kg

The owner sells 90kg of goods by price of 110kg: % of profit = profit/cost = 20/90 = ~22%.
_________________

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.


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Re: A shop owner professes to sell his articles at certain cost [#permalink] New post 29 Jun 2014, 22:02
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Re: A shop owner professes to sell his articles at certain cost [#permalink] New post 29 Jun 2014, 22:15
While buying, he cheats 10%

Means be buys 100 Kgs, however pays for 90 Kgs.

While selling, he cheats 10%

He sells 100Kgs, but receives payment for 110 Kgs

Total cheating done = 110 - 90 = 20Kgs

Percentage = \frac{20}{90} * 100 = 22.22%

Answer = D
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Re: A shop owner professes to sell his articles at certain cost   [#permalink] 29 Jun 2014, 22:15
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