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Director
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If the circus were to sell all of its 220 tickets for this [#permalink]
 07 Jan 2008, 09:20
Question Stats:
33% (09:45) correct
66% (00:47) wrong based on 9 sessions
If the circus were to sell all of its 220 tickets for this month's performance at their usual price, the revenue from sales would be 10% greater than that collected last month. However, the circus raised the ticket price by 5% and sold only 200 tickets as a result. What percent less was last month's revenue than that of this month?
2
5
100/21
110/20
9/4
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CEO
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GK_Gmat wrote: If the circus were to sell all of its 220 tickets for this month's performance at their usual price, the revenue from sales would be 10% greater than that collected last month. However, the circus raised the ticket price by 5% and sold only 200 tickets as a result. What percent less was last month's revenue than that of this month?
2
5
100/21
110/20
9/4 CRl - revenue of last month Rt - revenue of this month at usual prise. Rt2 - revenue of this month at higher prise. Rt=220*p=1.1*Rl Rt2=200*p*1.05=210*p %=100*(Rt2-Rl)/Rt2=100*(210*p-220/1.1*p)/ 210*p=100/21
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Director
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Brav-0 Walker!  Here's my approach: 220p = 1.1RL (220 tickets at regular P price = 1.1 (or 10% more) than revenue last month (RL) to find RL just multiply each side by 10/11 (1.1*10 = 11/11 = 1) 220(10/11)p = 1.1(10/11)R: 200p = RL (so the revenue last month was = to 200p) Now what does our revenue look like at the new ticket price this month: 200(1.05)P = 210p so...if the revenue this month will be 210p, what percentage less was last months revenue at 200p than that of this month? (210p-200p)/210p = 10p/210p = 1/21 we're looking for percentage though, so multiply this by 100 1/21(100) = 100/21 Answer C
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Director
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Thanks guys. You avoided the trap that I fell into, which was calculating final answer as 10/200*100 instead of 10/210*100.
OA is C.
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walker wrote: GK_Gmat wrote: If the circus were to sell all of its 220 tickets for this month's performance at their usual price, the revenue from sales would be 10% greater than that collected last month. However, the circus raised the ticket price by 5% and sold only 200 tickets as a result. What percent less was last month's revenue than that of this month?
2
5
100/21
110/20
9/4 Rl - revenue of last month Rt - revenue of this month at usual prise. Rt2 - revenue of this month at higher prise. Rt=220*p=1.1*Rl Rt2=200*p*1.05=210*p %=100*(Rt2-Rl)/Rt2=100*(210*p-220/1.1*p)/ 210*p=100/21[/quote First, I produce the result is only 1/21, and I find no one in the answers matching. When I see this , I got it. Just an error log, hihi
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Manager
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walker wrote: GK_Gmat wrote: If the circus were to sell all of its 220 tickets for this month's performance at their usual price, the revenue from sales would be 10% greater than that collected last month. However, the circus raised the ticket price by 5% and sold only 200 tickets as a result. What percent less was last month's revenue than that of this month?
2
5
100/21
110/20
9/4 CRl - revenue of last month Rt - revenue of this month at usual prise. Rt2 - revenue of this month at higher prise. Rt=220*p=1.1*Rl Rt2=200*p*1.05=210*p %=100*(Rt2-Rl)/Rt2=100*(210*p-220/1.1*p)/ 210*p=100/21 can someone explain why its: (Rt2-Rl)/Rt2 and not: (Rt2-Rl)/Rl I know that the percentage change formula is difference/original, so isn't the original here Rl?
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GK_Gmat wrote: ... What percent less was last month's revenue than that of this month? We compare with "that of this month". Therefore, it is a base. Consider this example: July revenue = 200 August revenue = 220 What percent more was August revenue than that of July? July is a base. Therefore, (220-200)/200 - it is typical case in our life. What percent less was July revenue than that of August? August is a base. Therefore, (220-200)/220 - it is reverse case as in the problem.
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Manager
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Thanks Walker, very well put. I need to memorize this!
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Intern
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The easiest way to do this is by substituting values .
say Price per ticket = 10
Therefore revenue for 220 tickets =2200
This is 10% higher than last time means last time was 2000
This month they sell 200 tickets for 10.5 ( increase ticket price by 5%)
Therefore revenue this month is 200x 10.5 = 2100
Hence the inrease over last months revenue is 2100-2000=100
% increase= 100 x 100 = 100/21 Ans
******** **** 2100
Last edited by manjot77 on 26 Aug 2010, 23:25, edited 2 times in total.
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manjot77 wrote: The easiest way to do this is by substituting values .
say Price per ticket = 10
Therefore revenue for 220 tickets =2200
This is 10% higher than last time means last time was 2000
This month they sell 200 tickets for 10.5 ( increase ticket price by 5%)
Therefore revenue this month is 200x 10.5 = 2100
Hence the inrease over last months revenue is 2100-2000=100
% increase= 100 x 100 = 100/21 Ans
******** **** 2100 I like this approach, but could someone please explain the last bit, why do you multiply 100/2100 with 100 ? many thanks
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hafgola wrote: manjot77 wrote: The easiest way to do this is by substituting values .
say Price per ticket = 10
Therefore revenue for 220 tickets =2200
This is 10% higher than last time means last time was 2000
This month they sell 200 tickets for 10.5 ( increase ticket price by 5%)
Therefore revenue this month is 200x 10.5 = 2100
Hence the inrease over last months revenue is 2100-2000=100
% increase= 100 x 100 = 100/21 Ans
******** **** 2100 I like this approach, but could someone please explain the last bit, why do you multiply 100/2100 with 100 ? many thanks You're just converting the decimal form into the % form. 100/2100 = 0.0476 or 4.76%
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Manager
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Re: If the circus were to sell all of its 220 tickets for this [#permalink]
08 Jan 2012, 18:11
I missed this one, the wording threw me off of finding which percentage the question was looking for. Which wording in this question shows that it was this month minus last month divided by this month not last month?
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Re: If the circus were to sell all of its 220 tickets for this
[#permalink]
08 Jan 2012, 18:11
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