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What was the price at which a merchant sold a certain [#permalink]
 10 Oct 2005, 11:25
Question Stats:
78% (01:43) correct
21% (01:00) wrong based on 0 sessions
What was the price at which a merchant sold a certain appliance? (1) The merchant's gross profit on the appliance was 20 percent of the price at which the merchant sold the appliance. (2) The price at which the merchant sold the appliance was $50 more than the merchant's cost of the appliance.
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Manager
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C it is.
20% profit by itself doesn't give us the cost.
$50 profit also doesn't give us the cost.
Together we can tell that 20% is 50. And that will help us find the full price.
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1) All we can tell here is that the selling price is 120% of the cost price. But we can have several values representing this 120%. Insufficient.
2) Again, nothing we can tell here except selling price = x+50, assuming the cost price is x dollars. Insufficient.
Using 1) and 2), sufficient since we can equate the 120%x= x+50
Ans: C
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C + M = S (M is Margin)
M = 0.2S
Therfore C + 0.2S = S
C = 0.8S (Insufficient)
S = C + 50 (Insufficient)
Together we get
C = 0.8(C + 50)
C = 200
S = 250
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'E' it is.
1) Insuff.
You do not know the price at which the merchant sold the appliance.
2) Insuff.
You do not know the merchant’s cost of the appliance.
Together they are insufficient as well.
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Manager
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M8 wrote: 'E' it is.
1) Insuff.
You do not know the price at which the merchant sold the appliance.
2) Insuff.
You do not know the merchant’s cost of the appliance.
Together they are insufficient as well.
Statement I gross = 0.2 Selling price: INSUFFICIENT
Statement II Selling price= 50 + Cost: Insufficient
Combine
Grossprofit = selling price- cost price= 50
gross profit is 0.2 S from which u can find S
Ans is C
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Agree with C.
Statement 1-----> G.profit = 0.2 * S.P
Statement 2-----> C.P = 50 + S.P.
Now G.P = S.P - C.P = 50.
Put this in statement 1 equation and you have S.P.
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C.
1) CP + 20/100 *CP = SP
SP-CP = 20/100 *CP
Not Suff
2) SP-CP = 50
Not Suff
Together
20/100 *CP = 50
CP = 250
Hence SP = 300
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Re: data sufficiency question III [#permalink]
21 Dec 2009, 09:33
IMO C c/p=x s/p=y.....?(we are asked to find y) profit=y-x s1) profit=1/5(y) y-x=1/5(y) y=5/4(x) x not know hence not suff s2) y-x=50 y can be anything hence not suff s1)+s2)--->1/5(y)=50--->y=250 hence suff
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Re: data sufficiency question III [#permalink]
21 Dec 2009, 09:37
C..
SI tells us relation between profit and selling price..
SII gives us difference in cost and selling price ..we can take that as profit
so profit=$50 =.2 x s.p.
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s= selling price c = cost price p = profit p = s - c (a) p=20%s, s-c= .20s 0.8s = c, no information is given about c. INSUF. (b) s = c + 50, no information of C INSUF. FOR C c + 50 - c = 0.20s .2s = 50 s = 250 Ans. C I give no new technique. Sorry!
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Profit = SP - CP (1) Profit = 0.20SP => CP = 0.80SP Not Sufficient (2) 50 = SP - CP Not Sufficient (1) + (2) 0.20SP = 50 => SP = 250 Answer - C
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clean C, where 0.2 * SP = 50 hence SP = 250
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Re: a GWD math (4) , which hasn't been discussed [#permalink]
20 Aug 2011, 10:34
Jasontuyj2012 wrote: What was the price at which a merchant sold a certain appliance?
(1) The merchant's gross profit on the appliance was 20% of the price at which the merchant sold the appliance.
(2) The price at which the merchant sold the appliance was $50 more than the merchant's cost of the appliance.
I chose E. Clearly, both alone are not sufficient. The first gives a percentage, the second an absolute number, but we need both 1) (R - C)/R = 0.8 2) R - C = 50 Combine and solve => C
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Re: What was the price at which a merchant sold a certain [#permalink]
13 Jul 2012, 18:57
Is "gross profit" equal to the difference between sale price and cost of good?
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Re: What was the price at which a merchant sold a certain [#permalink]
14 Jul 2012, 04:00
dianamao wrote: Is "gross profit" equal to the difference between sale price and cost of good? Yes, {Gross Profit} = {Selling Price} - {Cost}What was the price at which a merchant sold a certain appliance?Question: {Selling Price}=?(1) The merchant's gross profit on the appliance was 20 percent of the price at which the merchant sold the appliance --> {Selling Price} - {Cost} = 0.2*{Selling Price} --> 0.8*{Selling Price} = {Cost}. One equation two unknowns. Not sufficient. (2) The price at which the merchant sold the appliance was $50 more than the merchant's cost of the appliance --> {Cost} +$50 = {Selling Price}. One equation two unknowns. Not sufficient. (1)+(2) We have that 0.8*{Selling Price} = {Cost} and {Cost} +$50 = {Selling Price}. So, we have two distinct linear equations with two unknowns, hence we can solve for each. Sufficient. Answer: C. Hope it's clear.
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Re: What was the price at which a merchant sold a certain [#permalink]
14 Jul 2012, 15:08
Okay thanks. What about "profit" is that the same as gross profit in terms of calculation?
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Re: What was the price at which a merchant sold a certain [#permalink]
15 Jul 2012, 07:05
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Re: What was the price at which a merchant sold a certain
[#permalink]
15 Jul 2012, 07:05
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