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In Greenville last July, what was the average (arithmetic [#permalink]

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21 Sep 2012, 07:38

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In Greenville last July, what was the average (arithmetic mean) home sale price?

(1) In Greenville last July, there were 100 homes sold for a total of $51 million. (2) In Greenville last July, condominiums accounted for 60% of the home sales, and the average condominium price was $450,000.

In Greenville last July, what was the average (arithmetic mean) home sale price?

(1) In Greenville last July, there were 100 homes sold for a total of $51 million. (2) In Greenville last July, condominiums accounted for 60% of the home sales, and the average condominium price was $450,000.

I have two documents. Both have different answers. Please explain.

I think people can interpret it in different ways and hence arrive at different answers.

(1) In Greenville last July, there were 100 homes sold for a total of $51 million. It is a little unclear whether only 100 homes were sold or the data is about 100 out of all the homes sold.
_________________

Re: In Greenville last July, what was the average (arithmetic [#permalink]

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06 Oct 2012, 05:18

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rohitgarg wrote:

In Greenville last July, what was the average (arithmetic mean) home sale price?

(1) In Greenville last July, there were 100 homes sold for a total of $51 million. (2) In Greenville last July, condominiums accounted for 60% of the home sales, and the average condominium price was $450,000.

Re: In Greenville last July, what was the average (arithmetic [#permalink]

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23 Jan 2013, 05:15

rohitgarg wrote:

In Greenville last July, what was the average (arithmetic mean) home sale price?

(1) In Greenville last July, there were 100 homes sold for a total of $51 million. (2) In Greenville last July, condominiums accounted for 60% of the home sales, and the average condominium price was $450,000.

I think the wording of this question is unclear.

My answer:

If 100 homes represent the total units inclusive of condominiums: 1. 51,000,000 / 100 will give us the answer. SUFFICIENT. 2. .6 (450,000) + .4P =? INSUFFICIENT.

Answer: A

If 100 homes represent part of the total only... 1. INSUFFICIENT. 2. .6 (450,000) + .4P =? INSUFFICIENT.

Together (1) and (2): 100 is .4x ==> x = 1000/4 = 250

\(= .6 (250) (450,000) + 51,000,000 / 250\) which is SUFFICIENT

Re: In Greenville last July, what was the average (arithmetic [#permalink]

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26 Jan 2013, 09:30

mbaiseasy wrote:

rohitgarg wrote:

In Greenville last July, what was the average (arithmetic mean) home sale price?

(1) In Greenville last July, there were 100 homes sold for a total of $51 million. (2) In Greenville last July, condominiums accounted for 60% of the home sales, and the average condominium price was $450,000.

I think the wording of this question is unclear.

My answer:

If 100 homes represent the total units inclusive of condominiums: 1. 51,000,000 / 100 will give us the answer. SUFFICIENT. 2. .6 (450,000) + .4P =? INSUFFICIENT.

Answer: A

If 100 homes represent part of the total only... 1. INSUFFICIENT. 2. .6 (450,000) + .4P =? INSUFFICIENT.

Together (1) and (2): 100 is .4x ==> x = 1000/4 = 250

\(= .6 (250) (450,000) + 51,000,000 / 250\) which is SUFFICIENT

Answer: C

___________________________

1) total ammmount (51Mil)/no.of houses(100) = Average : Sufficent 2) 60%house hold = 450,000 from this we can find out 100% of house fold

Both are sufficient - D

Could any one please confirm me the right answer?

Last edited by schittuluri on 27 Jan 2013, 14:01, edited 4 times in total.

Re: In Greenville last July, what was the average (arithmetic [#permalink]

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26 Jan 2013, 09:30

mbaiseasy wrote:

rohitgarg wrote:

In Greenville last July, what was the average (arithmetic mean) home sale price?

(1) In Greenville last July, there were 100 homes sold for a total of $51 million. (2) In Greenville last July, condominiums accounted for 60% of the home sales, and the average condominium price was $450,000.

I think the wording of this question is unclear.

My answer:

If 100 homes represent the total units inclusive of condominiums: 1. 51,000,000 / 100 will give us the answer. SUFFICIENT. 2. .6 (450,000) + .4P =? INSUFFICIENT.

Answer: A

If 100 homes represent part of the total only... 1. INSUFFICIENT. 2. .6 (450,000) + .4P =? INSUFFICIENT.

Together (1) and (2): 100 is .4x ==> x = 1000/4 = 250

\(= .6 (250) (450,000) + 51,000,000 / 250\) which is SUFFICIENT

Answer: C

___________________________

1) total ammmount (51Mil)/no.of houses(100) = Average : Sufficent 2) 60%house hold = 450,000 from this we can find out 100% of house fold

how on earth would one know what a condominium is ..

If you come across words you are unfamiliar with, try to figure out the meaning from context.

Statement 2 says 'condominiums accounted for 60% of the home sales'. This means it is some kind of home since its sales figure was included in the home sales figure.

Also, GMAT questions don't use arcane words but you must try to familiarize yourself with the regular use words by reading more.
_________________

Re: In Greenville last July, what was the average (arithmetic [#permalink]

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25 Aug 2013, 20:06

Quote:

___________________________

1) total ammmount (51Mil)/no.of houses(100) = Average : Sufficent 2) 60%house hold = 450,000 from this we can find out 100% of house fold

Both are sufficient - D

Hi schittuluri,

60%house hold = 450,000 -not true The question says that the avg condominium price is $450,000 , not the total price. So, 60%house hold = 450,000 * n (where n is the number of condominiums sold). Since we dont know the value of n. B is not sufficient _________________

Re: In Greenville last July, what was the average (arithmetic [#permalink]

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08 Sep 2014, 20:57

My answer is A,

Target Question: Avg cost , So we need total number of houses 1, Total 100 homes and cost given Can find an Average But Doubt, Average mean some Of individual cost of each home/100 Here Can we assume that each cost of home is same , Even the set of values might be small or big??

2, know avg cost of 60% houses , No idea about left 40% So Insufficient

Can any one explain Statement 1?
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Re: In Greenville last July, what was the average (arithmetic [#permalink]

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22 Apr 2015, 10:32

My Answer:

Average = Sum of home sales prices/Number of homes sold.

(a) Average home price is $51,000,000/100 = $510,000. But we are not sure how many homes were there overall (may be more than 100). So INSUFFICIENT

(b) From this statement, we don’t know anything about the other 40% of homes sold in Greenville, so we cannot calculate the average home sale price. INSUFFICIENT.

Answer is E.
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Re: In Greenville last July, what was the average (arithmetic
[#permalink]
22 Apr 2015, 10:32

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