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The selling price of an article is equal to the cost of the [#permalink] New post 11 Sep 2012, 04:53
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The Official Guide for GMAT® Review, 13th Edition - Quantitative Questions Project

The selling price of an article is equal to the cost of the article plus the markup. The markup on a certain television set is what percent of the selling price?

(1) The markup on the television set is 25 percent of the cost.
(2) The selling price of the television set is $250.

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Difficulty: 600


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Re: The selling price of an article is equal to the cost of the [#permalink] New post 11 Sep 2012, 04:54
SOLUTION

The selling price of an article is equal to the cost of the article plus the markup. The markup on a certain television set is what percent of the selling price?

Given: Price=Cost+Markup.
Question: \frac{Markup}{Price}=?

(1) The markup on the television set is 25 percent of the cost. Markup=0.25*Cost --> Price=Cost+Markup=Cost+0.25*Cost=1.25*Cost --> \frac{Markup}{Price}=\frac{0.25*Cost}{1.25*Cost}=0.2. Sufficient.

(2) The selling price of the television set is $250. Not sufficient to get the ratio required.

Answer: A.
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Re: The selling price of an article is equal to the cost of the [#permalink] New post 11 Sep 2012, 08:00
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The selling price of an article is equal to the cost of the article plus the markup. The markup on a certain television set is what percent of the selling price?

(1) The markup on the television set is 25 percent of the cost.
(2) The selling price of the television set is $250.

Markup = M Selling Price = P Cost = C
P=C+M

(1) M=0.25C
C=4M
Sub back into equation
P=4M+M
P=5M

We want to find M/P which in this case is M/P = 1/5 or 20% so (1) is suff

(2) 250 = M + C
We cannot solve, so answer is A
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Re: The selling price of an article is equal to the cost of the [#permalink] New post 12 Sep 2012, 04:32
Bunuel wrote:

The selling price of an article is equal to the cost of the article plus the markup. The markup on a certain television set is what percent of the selling price?

(1) The markup on the television set is 25 percent of the cost.
(2) The selling price of the television set is $250.


From Question Stem => SP = CP + M. (M/SP) = ?? %
St 1: Sufficient: M=.25CP, So, SP=CP + .25CP = 1.25CP, Therefore M/SP x 100% = .25/1.25 x 100% = 20%

St 2: Insufficient: SP=$250= CP + M, Two variables with one equation. Hence cannot be solved.

Hence Answer is A.
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Re: The selling price of an article is equal to the cost of the [#permalink] New post 12 Sep 2012, 13:13
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The question can be reduced to "What is the ratio of Markup to Selling Price"
Let Cost Price = 100P
Markup = M
Thus Selling price (SP) = 100P +M...........(1)
Statement 1 - M=25P ----> & SP =125P ------> Sufficient
Statement 2 - SP=250---> No relative amount is given for M----> Thus insufficient

Answer A
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Re: The selling price of an article is equal to the cost of the [#permalink] New post 14 Sep 2012, 07:13
SOLUTION

The selling price of an article is equal to the cost of the article plus the markup. The markup on a certain television set is what percent of the selling price?

Given: Price=Cost+Markup.
Question: \frac{Markup}{Price}=?

(1) The markup on the television set is 25 percent of the cost. Markup=0.25*Cost --> Price=Cost+Markup=Cost+0.25*Cost=1.25*Cost --> \frac{Markup}{Price}=\frac{0.25*Cost}{1.25*Cost}=0.2. Sufficient.

(2) The selling price of the television set is $250. Not sufficient to get the ratio required.

Answer: A.

Kudos points given to everyone with correct solution. Let me know if I missed someone.
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RESOURCES: [GMAT MATH BOOK]; 1. Triangles; 2. Polygons; 3. Coordinate Geometry; 4. Factorials; 5. Circles; 6. Number Theory

COLLECTION OF QUESTIONS:
PS: 1. Tough and Tricky questions; 2. Hard questions; 3. Hard questions part 2; 4. Standard deviation; 5. Tough Problem Solving Questions With Solutions; 6. Probability and Combinations Questions With Solutions; 7 Tough and tricky exponents and roots questions; 8 12 Easy Pieces (or not?); 9 Bakers' Dozen; 10 Algebra set. NEW!!!

DS: 1. DS tough questions; 2. DS tough questions part 2; 3. DS tough questions part 3; 4. DS Standard deviation; 5. Inequalities; 6. 700+ GMAT Data Sufficiency Questions With Explanations; 7 Tough and tricky exponents and roots questions; 8 The Discreet Charm of the DS ; 9 Devil's Dozen!!!; 10 Number Properties set. NEW!!!


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Re: The selling price of an article is equal to the cost of the   [#permalink] 14 Sep 2012, 07:13
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