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The selling price of an article is equal to the cost of the [#permalink]
11 Sep 2012, 03:53
Expert's post
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Difficulty:
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Question Stats:
65% (01:00) correct
35% (01:02) wrong based on 612 sessions
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.
Practice Questions Question: 40 Page: 278 Difficulty: 600
Re: The selling price of an article is equal to the cost of the [#permalink]
11 Sep 2012, 03:54
Expert's post
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?
(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.
Re: The selling price of an article is equal to the cost of the [#permalink]
11 Sep 2012, 07:00
1
This post received KUDOS
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 _________________
If you find my post helpful, please GIVE ME SOME KUDOS!
Re: The selling price of an article is equal to the cost of the [#permalink]
12 Sep 2012, 03:32
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.
Re: The selling price of an article is equal to the cost of the [#permalink]
12 Sep 2012, 12:13
1
This post received KUDOS
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]
14 Sep 2012, 06:13
Expert's post
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?
(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. _________________
Re: The selling price of an article is equal to the cost of the [#permalink]
17 Aug 2014, 20:19
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: The selling price of an article is equal to the cost of the [#permalink]
03 Sep 2014, 23:56
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?
(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.[quote][/quote]
Hi Bunuel,
I understand why statement A is correct, but I don't understand why in this case the answer can't be C. If we use both the statements together, we have Selling Price = 1.25*Cost and the 2nd statement tells us the price.
Re: The selling price of an article is equal to the cost of the [#permalink]
05 Sep 2014, 04:56
Expert's post
aj0809 wrote:
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?
(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.
Quote:
Hi Bunuel,
I understand why statement A is correct, but I don't understand why in this case the answer can't be C. If we use both the statements together, we have Selling Price = 1.25*Cost and the 2nd statement tells us the price.
If Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient to answer the question asked, then the answer is A.
The data sufficiency problem consists of a question and two statements, labeled (1) and (2), in which certain data are given. You have to decide whether the data given in the statements are sufficient for answering the question. Using the data given in the statements, plus your knowledge of mathematics and everyday facts (such as the number of days in July or the meaning of the word counterclockwise), you must indicate whether—
A. Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient to answer the question asked. B. Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient to answer the question asked. C. BOTH statements (1) and (2) TOGETHER are sufficient to answer the question asked, but NEITHER statement ALONE is sufficient to answer the question asked. D. EACH statement ALONE is sufficient to answer the question asked. E. Statements (1) and (2) TOGETHER are NOT sufficient to answer the question asked, and additional data specific to the problem are needed.
Re: The selling price of an article is equal to the cost of the [#permalink]
05 Oct 2015, 18:42
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).
Want to see all other topics I dig out? Follow me (click follow button on profile). You will receive a summary of all topics I bump in your profile area as well as via email. _________________
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