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The selling price of an article is equal to the cost of the

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The selling price of an article is equal to the cost of the [#permalink] New post 11 Sep 2012, 03:53
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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.

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Re: The selling price of an article is equal to the cost of the [#permalink] New post 11 Sep 2012, 03:54
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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, 07:00
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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, 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.

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, 12:13
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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, 06:13
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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 17 Aug 2014, 20:19
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Re: The selling price of an article is equal to the cost of the [#permalink] New post 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?

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.[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.
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Re: The selling price of an article is equal to the cost of the [#permalink] New post 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?

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.
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.

I suggest you to go through the following post ALL YOU NEED FOR QUANT.

Hope this helps.
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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. ,11 Mixed Questions, 12 Fresh Meat

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., 11 New DS set.


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Re: The selling price of an article is equal to the cost of the   [#permalink] 05 Sep 2014, 04:56
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