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If the circus were to sell all of its 220 tickets for this [#permalink]
23 Jan 2012, 13:33
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Difficulty:
85% (hard)
Question Stats:
55% (03:24) correct
45% (02:26) wrong based on 136 sessions
If the circus were to sell all of its 220 tickets for this month's performance at its usual price, the revenue from sales would be 10% greater than that collected last month. If the circus raised the ticket price by 5% and sold only 200 tickets as a result, what percent less would last month's revenue be compared to this month's revenue?
Re: If the circus were to sell all of its 220 tickets for this [#permalink]
23 Jan 2012, 16:38
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Expert's post
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manalq8 wrote:
If the circus were to sell all of its 220 tickets for this month's performance at its usual price, the revenue from sales would be 10% greater than that collected last month. If the circus raised the ticket price by 5% and sold only 200 tickets as a result, what percent less would last month's revenue be compared to this month's revenue?
A. 2 B. 5 C. 100/21 D. 110/20 E. 9/4
For a percentage questions like this one, it's almost always better to plug some smart numbers.
Let the usual price of a ticket be $20 (I chose $20 because $20+5%=$21=integer, which will make calculations easier). This month's revenue for this price would be 220*$20=$4,400 and we are told that it's 10% greater than the revenue collected last month, hence the last month's revenue was $4,400/1.1=$4,000;
Circus raised the ticket price by 5%, so the new price was $21 and the actual revenue from 200 tickets was 200*$21=$4,200;
What percent less would last month's revenue be compared to this month's revenue: \(percent=\frac{4,200-4,000}{4,200}*100=\frac{100}{21}%\). General formula for percent increase or decrease, (percent change): \(percent=\frac{Change}{Original}*100\), so as we are comparing the difference to this month's revenue we should put this value ($4,200) in the denominator.
Re: If the circus were to sell all of its 220 tickets for this [#permalink]
08 Feb 2012, 09:55
Bunuel wrote:
manalq8 wrote:
If the circus were to sell all of its 220 tickets for this month's performance at its usual price, the revenue from sales would be 10% greater than that collected last month. If the circus raised the ticket price by 5% and sold only 200 tickets as a result, what percent less would last month's revenue be compared to this month's revenue?
A. 2 B. 5 C. 100/21 D. 110/20 E. 9/4
For a percentage questions like this one, it's almost always better to plug some smart numbers.
Let the usual price of a ticket be $20 (I chose $20 because $20+5%=$21=integer, which will make calculations easier). This month's revenue for this price would be 220*$20=$4,400 and we are told that it's 10% greater than the revenue collected last month, hence the last month's revenue was $4,400/1.1=$4,000;
Circus raised the ticket price by 5%, so the new price was $21 and the actual revenue from 200 tickets was 200*$21=$4,200;
What percent less would last month's revenue be compared to this month's revenue: \(percent=\frac{4,200-4,000}{4,200}*100=\frac{100}{21}%\). General formula for percent increase or decrease, (percent change): \(percent=\frac{Change}{Original}*100\), so as we are comparing the difference to this month's revenue we should put this value ($4,200) in the denominator.
Answer: C.
Let's suppose that if question is "what percent increase would this month's revenue be compare to last month's revenue?"
Re: If the circus were to sell all of its 220 tickets for this [#permalink]
09 Feb 2012, 08:12
2
This post received KUDOS
Expert's post
manalq8 wrote:
If the circus were to sell all of its 220 tickets for this month's performance at its usual price, the revenue from sales would be 10% greater than that collected last month. If the circus raised the ticket price by 5% and sold only 200 tickets as a result, what percent less would last month's revenue be compared to this month's revenue?
A. 2 B. 5 C. 100/21 D. 110/20 E. 9/4
This is what comes to mind when I read this question:
"If the circus were to sell all of its 220 tickets for this month's performance at its usual price, the revenue from sales would be 10% greater than that collected last month."
220 tickets at usual price make 10% extra revenue. In case last month the tickets were sold at usual price, they would have sold 200 tickets (10% extra revenue would be due to 10% extra tickets sold if the price is the same)
"If the circus raised the ticket price by 5% and sold only 200 tickets as a result"
If the circus sold the same number of tickets as sold last month but increased the price by 5%, the revenue would also increase by 5%. (Revenue increases by either increasing the number of tickets or increasing the price or both)
"what percent less would last month's revenue be compared to this month's revenue" The question isn't the % by which this month's revenue is greater (which we know is 5%). The question is by what percent is last month's revenue less? If last month's revenue = 100, this month's revenue = 105 Last revenue is less by 5/105 * 100 = 100/21% _________________
Re: If the circus were to sell all of its 220 tickets for this [#permalink]
09 Feb 2012, 20:36
Let p be the original price so this month revenue is 220p if p is increased by 5% so the new price is 1.05p now revenue from sale of 200 tickets is 210p so 220p-210p/210*100 = 100/21
Re: If the circus were to sell all of its 220 tickets for this [#permalink]
29 Jun 2013, 04:11
Bunuel wrote:
manalq8 wrote:
If the circus were to sell all of its 220 tickets for this month's performance at its usual price, the revenue from sales would be 10% greater than that collected last month. If the circus raised the ticket price by 5% and sold only 200 tickets as a result, what percent less would last month's revenue be compared to this month's revenue?
A. 2 B. 5 C. 100/21 D. 110/20 E. 9/4
For a percentage questions like this one, it's almost always better to plug some smart numbers.
Let the usual price of a ticket be $20 (I chose $20 because $20+5%=$21=integer, which will make calculations easier). This month's revenue for this price would be 220*$20=$4,400 and we are told that it's 10% greater than the revenue collected last month, hence the last month's revenue was $4,400/1.1=$4,000;
Circus raised the ticket price by 5%, so the new price was $21 and the actual revenue from 200 tickets was 200*$21=$4,200;
What percent less would last month's revenue be compared to this month's revenue: \(percent=\frac{4,200-4,000}{4,200}*100=\frac{100}{21}%\). General formula for percent increase or decrease, (percent change): \(percent=\frac{Change}{Original}*100\), so as we are comparing the difference to this month's revenue we should put this value ($4,200) in the denominator.
Answer: C.
Thank you for your comment. I don't quite agree with the % change formula. Common formula for % change is Change % = (Current month less Last Month)/Last Month *100% (this approach is consistent with 13th OE, please refer to question 177 problem solving). But even if you would like to use current month as a reference value then the formula should be Change % = (Last month less Current Month)/Current Month *100 You always deduct and divide by the same amount (i.e. reference value) Common approach is to use prior month as a reference value. Thus the correct answer should be either negative (if current month is used as a reference value) or recalculated using last month as a reference value
Re: If the circus were to sell all of its 220 tickets for this [#permalink]
29 Jun 2013, 04:17
Expert's post
NikRu wrote:
Bunuel wrote:
manalq8 wrote:
If the circus were to sell all of its 220 tickets for this month's performance at its usual price, the revenue from sales would be 10% greater than that collected last month. If the circus raised the ticket price by 5% and sold only 200 tickets as a result, what percent less would last month's revenue be compared to this month's revenue?
A. 2 B. 5 C. 100/21 D. 110/20 E. 9/4
For a percentage questions like this one, it's almost always better to plug some smart numbers.
Let the usual price of a ticket be $20 (I chose $20 because $20+5%=$21=integer, which will make calculations easier). This month's revenue for this price would be 220*$20=$4,400 and we are told that it's 10% greater than the revenue collected last month, hence the last month's revenue was $4,400/1.1=$4,000;
Circus raised the ticket price by 5%, so the new price was $21 and the actual revenue from 200 tickets was 200*$21=$4,200;
What percent less would last month's revenue be compared to this month's revenue: \(percent=\frac{4,200-4,000}{4,200}*100=\frac{100}{21}%\). General formula for percent increase or decrease, (percent change): \(percent=\frac{Change}{Original}*100\), so as we are comparing the difference to this month's revenue we should put this value ($4,200) in the denominator.
Answer: C.
Thank you for your comment. I don't quite agree with the % change formula. Common formula for % change is Change % = (Current month less Last Month)/Last Month *100% (this approach is consistent with 13th OE, please refer to question 177 problem solving). But even if you would like to use current month as a reference value then the formula should be Change % = (Last month less Current Month)/Current Month *100 You always deduct and divide by the same amount (i.e. reference value) Common approach is to use prior month as a reference value. Thus the correct answer should be either negative (if current month is used as a reference value) or recalculated using last month as a reference value
Re: If the circus were to sell all of its 220 tickets for this [#permalink]
03 Sep 2014, 08:33
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Re: If the circus were to sell all of its 220 tickets for this [#permalink]
07 Sep 2015, 05:54
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).
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Re: If the circus were to sell all of its 220 tickets for this [#permalink]
07 Sep 2015, 08:18
say last month the revenue was x this month it increased by 10 % =1.1x now as per the question 1.1x=220 x=200, thus the revenue last month was 200 As per the question :1.05x=200 therefore x=210 and hence increase from last month =(210-200/210)*100 which gives 100/21
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