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.
It appears that you are browsing the GMAT Club forum unregistered!
Signing up is free, quick, and confidential.
Join other 500,000 members and get the full benefits of GMAT Club
Registration gives you:
Tests
Take 11 tests and quizzes from GMAT Club and leading GMAT prep companies such as Manhattan GMAT,
Knewton, and others. All are free for GMAT Club members.
Applicant Stats
View detailed applicant stats such as GPA, GMAT score, work experience, location, application
status, and more
Books/Downloads
Download thousands of study notes,
question collections, GMAT Club’s
Grammar and Math books.
All are free!
Thank you for using the timer!
We noticed you are actually not timing your practice. Click the START button first next time you use the timer.
There are many benefits to timing your practice, including:
Company C sells a line of 25 products with an average retail [#permalink]
21 Nov 2005, 19:18
1
This post received KUDOS
3
This post was BOOKMARKED
00:00
A
B
C
D
E
Difficulty:
25% (medium)
Question Stats:
77% (03:03) correct
23% (02:11) wrong based on 229 sessions
Company C sells a line of 25 products with an average retail price of $1,200. If none of these products sells for less than $420, and exactly 10 of the products sell for less than $1,000, what is the greatest possible selling price of the most expensive product?
A. $2,600 B. $3,900 C. $7,800 D. $11,800 E. $18,200
Min price of 10 products under $1000 = 420*10 = 4200
Since other products are $1000 or greater, let us say the next 14 products cost $1000 each = $14000
Total for 24 prod = 18200
Total for 25 prod = 25*1200 = 30000
25th product (most expensive) = 30000 - 18200 = 11800 (D)
Re: PS- selling price [#permalink]
21 Nov 2005, 21:39
cool_jonny009 wrote:
Company C sells a line of 25 products with an average retail price of $1200. if none of these product sells for less than $420 and exactaly 10 of the products sell for less than $1000, What is the greatest possible selling price of the most expensive product?
a)2600 b)3900 c)7800 d)11,800 e)18,200
My answer is D
In order to find the greatest selling price, we have to minimize the 24 products.
Total price = $25*$1200 = $30,000
Min 10 of the products = 10*$420 = $4,200
Min the remaining 14 products = 14*$1000 = $14,000
Re: PS- selling price [#permalink]
21 Nov 2005, 23:03
D - 11800.
Total price = 25*1200 = 30000
Min. price = 10 * 420 = 4200
=> Remaining 15 should sum to (30000 - 4200) = 25800
Let us assume that 14 of these cost 1000 each and they total to 14000
HEnce 25800 - 14000 = 11800 should be the greatest possible SP.
Re: Company C sells a line of 25 products with an average retail price of [#permalink]
15 Oct 2010, 23:36
1
This post received KUDOS
1
This post was BOOKMARKED
prashantbacchewar wrote:
Comapany C sells a line of 25 products with an average retail price of $1200. If none of these products sell for less than $420, and exactly 10 of the products sell for less than $1000, what is greatest possible selling price of the most expensive product.
a) 2600 b) 3900 c) 7800 d) 11800 e) 18200
This question is from Kaplan preimere but somehow I am not able to understand the explaination. Need help
Thanks
Right, so we know that the average is $1200. We also know the minimum possible value is $420 and that exactly 10 products sell for less than $1000. If we have to maximize the price of the most expensive object, keeping the average fixed, we need to make all the other 24 objects as cheap as possible.
Now we know there are 10 objects < $1000 and that the minimum price is $420. So in the optimal case, all ten will cost $420. For the other 14 objects, the minimum price we can allocate to them is $1000, as making it lower will violate the ten object constraint.
What we also know if total price = 1200*25 Therefore, 420*10 + 1000*14 + x = 1200*25, x=$11800
Answer is (d)
Let me know if anything isn't clear _________________
Re: Company C sells a line of 25 products with an average retail [#permalink]
17 Dec 2012, 00:40
Sorry guys. Still feel like this question is missing something. I understand why 10 products are priced at $420. Why aren't the remaining 14 products also priced at $420 to maximize the final products price? No where in the questions does it say that the other products must be priced at $1000.
Thanks in advance.
________________________
Previous posted answer... Min price of 10 products under $1000 = 420*10 = 4200 Since other products are $1000 or greater, let us say the next 14 products cost $1000 each = $14000
Total for 24 prod = 18200 Total for 25 prod = 25*1200 = 30000 25th product (most expensive) = 30000 - 18200 = 11800 (D)
Re: Company C sells a line of 25 products with an average retail [#permalink]
17 Dec 2012, 04:27
1
This post received KUDOS
Expert's post
SFsubway wrote:
Sorry guys. Still feel like this question is missing something. I understand why 10 products are priced at $420. Why aren't the remaining 14 products also priced at $420 to maximize the final products price? No where in the questions does it say that the other products must be priced at $1000.
Thanks in advance.
Because if the remaining 14 products are also priced at $420, then we'd have that 10+14=24 items are less than $1,000, and we are told that EXACTLY 10 of the products are priced less than $1,000,
Company C sells a line of 25 products with an average retail price of $1,200. If none of these products sells for less than $420, and exactly 10 of the products sell for less than $1,000, what is the greatest possible selling price of the most expensive product?
A. $2,600 B. $3,900 C. $7,800 D. $11,800 E. $18,200
General rule for such kind of problems: to maximize one quantity, minimize the others; to minimize one quantity, maximize the others.
So, to maximize the price of the most expensive product we should minimize the prices of the remaining 24 products.
The average price of 25 products is $1,200 means that the total price of 25 products is 25*1,200=$30,000.
Next, since exactly 10 of the products sell for less than $1,000, then let's make these 10 items to be at $420 each (min possible).
Now, the remaining 14 items cannot be priced less than $1,000, thus the minimum possible price of each of these 14 items is $1,000.
Thus the minimum possible value of 24 products is 10*420+14*1,000=$18,200.
Therefore, the greatest possible selling price of the most expensive product is $30,000-$18,200=$11,800.
Re: Company C sells a line of 25 products with an average retail [#permalink]
25 Jun 2014, 08:29
Hello from the GMAT Club BumpBot!
Thanks to another GMAT Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos).
Want to see all other topics I dig out? Follow me (click follow button on profile). You will receive a summary of all topics I bump in your profile area as well as via email. _________________
Re: Company C sells a line of 25 products with an average retail price of [#permalink]
28 Apr 2015, 02:18
Hello from the GMAT Club BumpBot!
Thanks to another GMAT Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos).
Want to see all other topics I dig out? Follow me (click follow button on profile). You will receive a summary of all topics I bump in your profile area as well as via email. _________________
Re: Company C sells a line of 25 products with an average retail [#permalink]
28 Apr 2015, 08:55
Total value of the products sold by the company = 25*1200 = 30000
For 10 of the products sell that sell for less than $1,000, assume that each of them sold at the minimum price of 420.
So, 15 products are left and we have to maximize the selling price of 1 of those 15 -> We have to minimize the selling price of the rest of the 14 products
Minimum price of these 14 can be 1000
So, 10*420 + 14*1000 + x = 30000 -> x = 11,800
gmatclubot
Re: Company C sells a line of 25 products with an average retail
[#permalink]
28 Apr 2015, 08:55
As I’m halfway through my second year now, graduation is now rapidly approaching. I’ve neglected this blog in the last year, mainly because I felt I didn’...
Perhaps known best for its men’s basketball team – winners of five national championships, including last year’s – Duke University is also home to an elite full-time MBA...
Hilary Term has only started and we can feel the heat already. The two weeks have been packed with activities and submissions, giving a peek into what will follow...