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A wholesaler bought 1,200 radios for $18 each. The [#permalink]
09 Oct 2008, 09:08
6
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00:00
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Difficulty:
5% (low)
Question Stats:
84% (02:53) correct
16% (01:48) wrong based on 198 sessions
A wholesaler bought 1,200 radios for $18 each. The wholesaler sold 60 percent of the radios for $30 each and the rest for $15 each. What was the wholesaler’s average (arithmetic mean) profit per radio?
A wholesaler bought 1,200 radios for $18 each. The wholesaler sold 60 percent of the radios for $30 each and the rest for $15 each. What was the wholesaler’s average (arithmetic mean) profit per radio?
A. $2 B. $3 C. $4 D. $5 E. $6
This is an easy question but I wasnt able to complete it under 2 mins. Is there a shortcut? Thanks![/quote]
TOTAL SALE PRICE - TOTAL COST / NO OF RADIOS SOLD = AVERAGE PROFIT /RADIO
TOTAL COST = 21,600, TOTAL SALE PRICE = 720*30+480*15 = 21600+7200 = 28800
FACTOR, FACTOR, FACTOR! Fractorization is your best friend (Do NOT attempt to solve equation, especially any multiplication until all the factorization is completed.)
The approach shows many details, but in reality all you need is the first line: "( (1200*18)+(1200*6)-(1200*18) ) / 1200", which should give you '6' right away after you cross them out.
The only arithmetics I had to do were "3/5 * 30 = 18" and "2/5 * 15 = 6" Do simple arithmetic as you read the question! 18 and 6 were already written on my scratch paper by the time I read the word, "average" in the last sentense 1200 was never even involved The whole process should not take more than 30 sec.
A wholesaler bought 1,200 radios for $18 each. The wholesaler sold 60 percent of the radios for $30 each and the rest for $15 each. What was the wholesaler’s average (arithmetic mean) profit per radio?
A. $2 B. $3 C. $4 D. $5 E. $6
This is an easy question but I wasnt able to complete it under 2 mins. Is there a shortcut? Thanks!
Key to solve this question: - Do not multiply 1,200 with the list price. It will make much longer to solve the problem. - Try to set up basic equation to see the best possible way to solve the problem.
Re: A wholesaler bought 1,200 radios for $18 each. The [#permalink]
17 Oct 2013, 20:45
7
This post received KUDOS
Expert's post
2
This post was BOOKMARKED
vksunder wrote:
A wholesaler bought 1,200 radios for $18 each. The wholesaler sold 60 percent of the radios for $30 each and the rest for $15 each. What was the wholesaler’s average (arithmetic mean) profit per radio?
A. $2 B. $3 C. $4 D. $5 E. $6
This is an easy question but I wasnt able to complete it under 2 mins. Is there a shortcut? Thanks!
Responding to a pm:
Yes, you can use weighted average here. You want to find the average selling price. 60% of radios were sold at $30 and 40% at $15. Average selling price = (30*0.6 + 15*0.4)/1 = 24 Average cost price = $18
Re: A wholesaler bought 1,200 radios for $18 each. The [#permalink]
17 Oct 2013, 23:25
VeritasPrepKarishma wrote:
vksunder wrote:
A wholesaler bought 1,200 radios for $18 each. The wholesaler sold 60 percent of the radios for $30 each and the rest for $15 each. What was the wholesaler’s average (arithmetic mean) profit per radio?
A. $2 B. $3 C. $4 D. $5 E. $6
This is an easy question but I wasnt able to complete it under 2 mins. Is there a shortcut? Thanks!
Responding to a pm:
Yes, you can use weighted average here. You want to find the average selling price. 60% of radios were sold at $30 and 40% at $15. Average selling price = (30*0.6 + 15*0.4)/1 = 24 Average cost price = $18
Average profit = $6
Thanks karishma, I was able to identify weighted average concept here,but was unable to proceed.
Re: A wholesaler bought 1,200 radios for $18 each. The [#permalink]
17 Oct 2013, 23:44
VeritasPrepKarishma wrote:
vksunder wrote:
A wholesaler bought 1,200 radios for $18 each. The wholesaler sold 60 percent of the radios for $30 each and the rest for $15 each. What was the wholesaler’s average (arithmetic mean) profit per radio?
A. $2 B. $3 C. $4 D. $5 E. $6
This is an easy question but I wasnt able to complete it under 2 mins. Is there a shortcut? Thanks!
Responding to a pm:
Yes, you can use weighted average here. You want to find the average selling price. 60% of radios were sold at $30 and 40% at $15. Average selling price = (30*0.6 + 15*0.4)/1 = 24 Average cost price = $18
Average profit = $6
Using scale method
15$----4-----Average S.P-----6-----30$
W1:W2 = 3:2
Average S.P = 15 + (3/5 X 15) = 24 Average profit = S.P - C.P = 24 - 18 = 6
Re: A wholesaler bought 1,200 radios for $18 each. The [#permalink]
16 Dec 2013, 13:29
1
This post received KUDOS
vksunder wrote:
A wholesaler bought 1,200 radios for $18 each. The wholesaler sold 60 percent of the radios for $30 each and the rest for $15 each. What was the wholesaler’s average (arithmetic mean) profit per radio?
A. $2 B. $3 C. $4 D. $5 E. $6
60% for a profit of 12 40% for a loss of -3
Ratio is 3:2 between both Now then, 12(3)-3(2)=30 So average 30/5=6
Re: A wholesaler bought 1,200 radios for $18 each. The [#permalink]
04 Apr 2015, 08:13
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Re: A wholesaler bought 1,200 radios for $18 each. The [#permalink]
25 Sep 2015, 07:06
VeritasPrepKarishma wrote:
vksunder wrote:
A wholesaler bought 1,200 radios for $18 each. The wholesaler sold 60 percent of the radios for $30 each and the rest for $15 each. What was the wholesaler’s average (arithmetic mean) profit per radio?
A. $2 B. $3 C. $4 D. $5 E. $6
This is an easy question but I wasnt able to complete it under 2 mins. Is there a shortcut? Thanks!
Responding to a pm:
Yes, you can use weighted average here. You want to find the average selling price. 60% of radios were sold at $30 and 40% at $15. Average selling price = (30*0.6 + 15*0.4)/1 = 24 Average cost price = $18
Re: A wholesaler bought 1,200 radios for $18 each. The [#permalink]
28 Sep 2015, 01:47
Expert's post
1
This post was BOOKMARKED
earnit wrote:
VeritasPrepKarishma wrote:
vksunder wrote:
A wholesaler bought 1,200 radios for $18 each. The wholesaler sold 60 percent of the radios for $30 each and the rest for $15 each. What was the wholesaler’s average (arithmetic mean) profit per radio?
A. $2 B. $3 C. $4 D. $5 E. $6
This is an easy question but I wasnt able to complete it under 2 mins. Is there a shortcut? Thanks!
Responding to a pm:
Yes, you can use weighted average here. You want to find the average selling price. 60% of radios were sold at $30 and 40% at $15. Average selling price = (30*0.6 + 15*0.4)/1 = 24 Average cost price = $18
Re: A wholesaler bought 1,200 radios for $18 each. The [#permalink]
25 Nov 2015, 13:58
VeritasPrepKarishma wrote:
vksunder wrote:
A wholesaler bought 1,200 radios for $18 each. The wholesaler sold 60 percent of the radios for $30 each and the rest for $15 each. What was the wholesaler’s average (arithmetic mean) profit per radio?
A. $2 B. $3 C. $4 D. $5 E. $6
This is an easy question but I wasnt able to complete it under 2 mins. Is there a shortcut? Thanks!
Responding to a pm:
Yes, you can use weighted average here. You want to find the average selling price. 60% of radios were sold at $30 and 40% at $15. Average selling price = (30*0.6 + 15*0.4)/1 = 24 Average cost price = $18
Average profit = $6
why do we divide by 1 to get the $24?
gmatclubot
Re: A wholesaler bought 1,200 radios for $18 each. The
[#permalink]
25 Nov 2015, 13:58
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