NEW HERE? LEARN MORE
closeclose
Last visit was: 25 Apr 2024, 14:04 It is currently 25 Apr 2024, 14:04
Decision Tracker
My Rewards
New posts
New comers' posts

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.
Go to My Error Log Learn more
Close
Request Expert Reply
Confirm Cancel

By what percent has the price of an overcoat been reduced?

SORT BY:
Date
Kudos
Tags:
Find Similar Topics 
Show Tags
Hide Tags
User avatar
L
Bunuel
Math Expert
Joined: 02 Sep 2009
Posts: 92915
Own Kudos [?]: 619012 [4]
Given Kudos: 81595
Send PM
CAT Tests Forum Quiz Mode
By what percent has the price of an overcoat been reduced? [#permalink] New post   09 Dec 2014, 07:09
4
Bookmarks
Expert Reply
00:00
A
B
C
D
E

Difficulty:

5% (low)

Question Stats:

85% (00:34) correct 15% (00:32) wrong based on 364 sessions
Hide Show timer Statistics
By what percent has the price of an overcoat been reduced?

(1) The original price was $380.
(2) The original price was $50 more than the reduced price.
ShowHide Answer
Official Answer
C
User avatar
DangerPenguin
Manager
Manager
Joined: 10 Sep 2014
Posts: 91
Own Kudos [?]: 100 [1]
Given Kudos: 25
Send PM
Re: By what percent has the price of an overcoat been reduced? [#permalink] New post   09 Dec 2014, 09:18
statement 1: insufficient
We don't know anything about the reduction

statement 2: insufficient
We don't know anything about the original price. If original was $100, then reduced price would be $50 and the %reduced would be 50%. If original was $200, then reduced price would be $150 and %reduced would be 25%.

statement 1+2: sufficient
We know the original price from statement 1 and with statement 2 we know that the reduced price is $330. We can then figure out the %reduced.

Answer C!
User avatar
viktorija
Manager
Manager
Joined: 14 Oct 2014
Posts: 53
Own Kudos [?]: 499 [0]
Given Kudos: 98
Location: United States
GMAT 1: 500 Q36 V23
Send PM
Re: By what percent has the price of an overcoat been reduced? [#permalink] New post   09 Dec 2014, 09:34
In order to find the percent decrease we need to use the formula: (change/ original price)*100%

(1) Insufficient. Gives us the original price but no information about the change in the price
(2) Insufficient. Gives only the change--->Original price - New price = 50

(1)+(2) Sufficient. We got both values to find the percent decrease: (50/380)*100%

Answer C.
avatar
Pgz
Intern
Intern
Joined: 10 Feb 2014
Posts: 3
Own Kudos [?]: [0]
Given Kudos: 2
Send PM
Re: By what percent has the price of an overcoat been reduced? [#permalink] New post   09 Dec 2014, 09:52
Bunuel wrote:

Tough and Tricky questions: Word Problems.



By what percent has the price of an overcoat been reduced?

(1) The original price was $380.
(2) The original price was $50 more than the reduced price.

Kudos for a correct solution.


% decrease = reduced price/original price
or
(New price - original price)/ original price
Without anyone of them we cant find the solution therefore, both statements required. Second statement gives the amount of reduction but for % we will need original price
avatar
intheend14
Manager
Manager
Joined: 12 Sep 2014
Posts: 127
Own Kudos [?]: 139 [0]
Given Kudos: 103
Concentration: Strategy, Leadership
Schools: Stanford '18 Haas '18 Wharton '18 Kellogg PT '18 Insead Sept '16
GMAT 1: 740 Q49 V41
GPA: 3.94
Send PM
Re: By what percent has the price of an overcoat been reduced? [#permalink] New post   09 Dec 2014, 10:04
By what percent has the price of an overcoat been reduced? To answer this, we need both the original and final prices or the percentage drop.

(1) The original price was $380. This is insufficient as we don't know by what amount the price dropped; we also don't know the final price.
(2) The original price was $50 more than the reduced price. This is insufficient as we don't know the absolute values, originally and finally.

Choice is C--if we combine the statements, we know the overcoat was $380 and the price reduction was $50. We can calculate a %.
User avatar
G
8.toastcrunch
Manager
Manager
Joined: 13 Mar 2023
Posts: 112
Own Kudos [?]: 91 [0]
Given Kudos: 20
Location: India
Concentration: Finance, General Management
Send PM
Reviews Badge
Re: By what percent has the price of an overcoat been reduced? [#permalink] New post   23 Jul 2023, 09:10
Statement 1
The original price was $380. We are given the original price, but we don't have any information about the reduced price.
Not sufficient

Statement 2
The original price was $50 more than the reduced price. But we still don't know the original price.
Not sufficient

Statement 1 and Statement 2 Together
Together Sufficient to tell the reduction percentage.
Sufficient

Answer is Option C
GMAT Club Bot
gmatclubot
Re: By what percent has the price of an overcoat been reduced? [#permalink]
23 Jul 2023, 09:10
Moderator:
Bunuel
Math Expert
92915 posts

Powered by phpBB © phpBB Group | Emoji artwork provided by EmojiOne
Main navigation
GMAT Resources
Partners
MBA Resources
www.gmac.com|www.mba.com | | GMAT Club Rules | Terms and Conditions