I hope someone can help me on this, because I really can't get the correct answer. On GMAT practice test Quant #3, the third question is the following data sufficiency question:
In a demographic study, the population and total income of a certain region were estimated from other data, and both estimates had lower and upper limits. At the time of the estimates, was the per capita income for the region greater than $16,500?
(1) the lower limit for the estimate of the population was 330,000 people.
(2) the lower limit for the estimate of the total income was $5,500,000,000.
My answer choice was C (Both statements), but when I reviewed all my questions, it seems that the correct answer is E (both are not sufficient). If you calculate the per capita income, using both statements, it gives that the lower possible income for this area is $16,666...., which is higher than $16,500. If this is not right, could someone explain me why?
Because both have upper and lower limits. The limit can be 330,000 < x < z
As z increases the per capita income decreases.
If the upper limit is 550,000 then the per capita income is 11,000