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If a certain store purchased a computer game and then sold

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If a certain store purchased a computer game and then sold [#permalink]

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If a certain store purchased a computer game and then sold it for $50, was the store's gross profit from the purchase and sale of the game less than $8?

(1) The store 's gross profit from the purchase and sale of the game was less than 25 percent of the amount for which the store purchased the game
(2) The store 's gross profit from the purchase and sale of the game was greater than 10 percent of the amount for which the store purchased the game
[Reveal] Spoiler: OA

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Last edited by Bunuel on 17 Jan 2013, 05:24, edited 1 time in total.
Renamed the topic and edited the question.
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Re: If a certain store purchased a computer game and then sold [#permalink]

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If a certain store purchased a computer game and then sold it for $50, was the store's gross profit from the purchase and sale of the game less than $8?

The question asks whether 50 - {Cost} < 8. Or whether {Cost} > 42.

(1) The store 's gross profit from the purchase and sale of the game was less than 25 percent of the amount for which the store purchased the game. This statement implies that 50 - {Cost} < 0.25{Cost} --> {Cost} > 40. Not sufficient.

(2) The store 's gross profit from the purchase and sale of the game was greater than 10 percent of the amount for which the store purchased the game. This statement implies that 50 - {Cost} > 0.1{Cost} --> {Cost} < ~45. Not sufficient.

(1)+(2) We have that 40 < {Cost} < ~45. Still the cost can be more as well as less than or equal 42. Not sufficient.

Answer: E.

P.S. Please tag questions properly. This is NOT an algebra question.
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Re: If a certain store purchased a computer game and then sold [#permalink]

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New post 19 Oct 2015, 02:10
Hi bunuel. Why can't we take
1) P< 0.25C
So , 8< 0.25C and hence 32<C, not sufficient
2)P>.1C
8>.1C ; C<80-not sufficient !
By taking Profit= 8; we are finding the minimum possible value of the cost price , please correct me if my logic is wrong, as the two approaches give different a different range of values for Cost price . Thanks .
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Re: If a certain store purchased a computer game and then sold [#permalink]

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New post 20 Oct 2015, 00:03
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Forget conventional ways of solving math questions. In DS, Variable approach is the easiest and quickest way to find the answer without actually solving the problem. Remember equal number of variables and independent equations ensures a solution.

If a certain store purchased a computer game and then sold it for $50, was the store's gross profit from the purchase and sale of the game less than $8?

(1) The store 's gross profit from the purchase and sale of the game was less than 25 percent of the amount for which the store purchased the game
(2) The store 's gross profit from the purchase and sale of the game was greater than 10 percent of the amount for which the store purchased the game

For questions regarding inequalities, if the range of the question includes that of the condition, the condition becomes the answer.
If we modify the question a little, p(profit)=50-c(purchase price).
p=50-c, where p<8.
From condition 1, p<0.25c=c/4 --> 4p<c. If we substitute in c=50-p, 4p<50-p, 5p<50, p<10. This is not sufficient
For condition 2, p>0.1c=c/10 --> 10p>c. If we substitute in c=50-p. 10p>50-p, 11p>50, p>50/11=4.5...., so this is also not a sufficient condition.
Looking at the conditions together, 4.5....<p<10.... So this is still not sufficient as the range of the question does not include the range of the conditions; the answer becomes (E)

For cases where we need 1 more equation, such as original conditions with “1 variable”, or “2 variables and 1 equation”, or “3 variables and 2 equations”, we have 1 equation each in both 1) and 2). Therefore, there is 59 % chance that D is the answer, while A or B has 38% chance and C or E has 3% chance. Since D is most likely to be the answer using 1) and 2) separately according to DS definition. Obviously there may be cases where the answer is A, B, C or E.
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Re: If a certain store purchased a computer game and then sold   [#permalink] 20 Oct 2015, 00:03
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