What was the price at which a merchant sold a certain : GMAT Data Sufficiency (DS)
Check GMAT Club Decision Tracker for the Latest School Decision Releases http://gmatclub.com/AppTrack

 It is currently 24 Jan 2017, 17:08

GMAT Club Daily Prep

Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

Events & Promotions

Events & Promotions in June
Open Detailed Calendar

What was the price at which a merchant sold a certain

Author Message
TAGS:

Hide Tags

Manager
Joined: 10 Oct 2005
Posts: 113
Location: Hollywood
Followers: 0

Kudos [?]: 69 [0], given: 0

What was the price at which a merchant sold a certain [#permalink]

Show Tags

10 Oct 2005, 10:25
1
This post was
BOOKMARKED
00:00

Difficulty:

5% (low)

Question Stats:

75% (01:49) correct 25% (00:41) wrong based on 202 sessions

HideShow timer Statistics

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. Official Guide 12 Question  Question: 33 Page: 275 Difficulty: 600 Find All Official Guide Questions Video Explanations: [Reveal] Spoiler: OA _________________ The GMAT, too tough to be denied. Beat the tough questions... Manager Joined: 03 Oct 2005 Posts: 87 Followers: 1 Kudos [?]: 8 [0], given: 0 Show Tags 10 Oct 2005, 10:53 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.
GMAT Club Legend
Joined: 07 Jul 2004
Posts: 5062
Location: Singapore
Followers: 30

Kudos [?]: 358 [0], given: 0

Show Tags

15 Jan 2006, 21:33
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
SVP
Joined: 16 Oct 2003
Posts: 1810
Followers: 4

Kudos [?]: 137 [0], given: 0

Show Tags

15 Jan 2006, 21:49
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
Senior Manager
Joined: 08 Jun 2004
Posts: 497
Location: Europe
Followers: 1

Kudos [?]: 73 [1] , given: 0

Show Tags

19 Jul 2006, 19:05
1
KUDOS
'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 merchantâ€™s cost of the appliance.

Together they are insufficient as well.
Manager
Joined: 02 Apr 2006
Posts: 158
Followers: 1

Kudos [?]: 4 [0], given: 0

Show Tags

19 Jul 2006, 20:49
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 merchantâ€™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
VP
Joined: 07 Nov 2005
Posts: 1131
Location: India
Followers: 5

Kudos [?]: 41 [0], given: 1

Show Tags

19 Jul 2006, 21:11
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.
_________________

Trying hard to conquer Quant.

SVP
Joined: 30 Mar 2006
Posts: 1737
Followers: 1

Kudos [?]: 78 [0], given: 0

Show Tags

19 Jul 2006, 22:50
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
Manager
Joined: 09 May 2009
Posts: 203
Followers: 1

Kudos [?]: 226 [0], given: 13

Re: data sufficiency question III [#permalink]

Show Tags

21 Dec 2009, 08:33
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
_________________

GMAT is not a game for losers , and the moment u decide to appear for it u are no more a loser........ITS A BRAIN GAME

Verbal Forum Moderator
Joined: 02 Aug 2009
Posts: 4253
Followers: 332

Kudos [?]: 3484 [0], given: 101

Re: data sufficiency question III [#permalink]

Show Tags

21 Dec 2009, 08:37
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. _________________ Absolute modulus :http://gmatclub.com/forum/absolute-modulus-a-better-understanding-210849.html#p1622372 Combination of similar and dissimilar things : http://gmatclub.com/forum/topic215915.html Director Status: No dream is too large, no dreamer is too small Joined: 14 Jul 2010 Posts: 651 Followers: 42 Kudos [?]: 864 [1] , given: 39 Re: DS: Appliance [#permalink] Show Tags 13 May 2011, 05:25 1 This post received KUDOS 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! _________________ Collections:- PSof OG solved by GC members: http://gmatclub.com/forum/collection-ps-with-solution-from-gmatclub-110005.html DS of OG solved by GC members: http://gmatclub.com/forum/collection-ds-with-solution-from-gmatclub-110004.html 100 GMAT PREP Quantitative collection http://gmatclub.com/forum/gmat-prep-problem-collections-114358.html Collections of work/rate problems with solutions http://gmatclub.com/forum/collections-of-work-rate-problem-with-solutions-118919.html Mixture problems in a file with best solutions: http://gmatclub.com/forum/mixture-problems-with-best-and-easy-solutions-all-together-124644.html SVP Joined: 16 Nov 2010 Posts: 1672 Location: United States (IN) Concentration: Strategy, Technology Followers: 33 Kudos [?]: 514 [0], given: 36 Re: DS: Appliance [#permalink] Show Tags 13 May 2011, 05:59 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 _________________ Formula of Life -> Achievement/Potential = k * Happiness (where k is a constant) GMAT Club Premium Membership - big benefits and savings VP Status: There is always something new !! Affiliations: PMI,QAI Global,eXampleCG Joined: 08 May 2009 Posts: 1353 Followers: 17 Kudos [?]: 240 [0], given: 10 Re: DS: Appliance [#permalink] Show Tags 13 May 2011, 06:56 clean C, where 0.2 * SP = 50 hence SP = 250 _________________ Visit -- http://www.sustainable-sphere.com/ Promote Green Business,Sustainable Living and Green Earth !! Manager Joined: 18 Aug 2011 Posts: 60 Followers: 1 Kudos [?]: 35 [0], given: 6 Re: a GWD math (4) , which hasn't been discussed [#permalink] Show Tags 20 Aug 2011, 09:34 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
Intern
Joined: 25 Jun 2011
Posts: 49
Location: Sydney
Followers: 0

Kudos [?]: 1 [0], given: 7

Re: What was the price at which a merchant sold a certain [#permalink]

Show Tags

13 Jul 2012, 17:57
Is "gross profit" equal to the difference between sale price and cost of good?
Math Expert
Joined: 02 Sep 2009
Posts: 36638
Followers: 7106

Kudos [?]: 93666 [0], given: 10583

Re: What was the price at which a merchant sold a certain [#permalink]

Show Tags

14 Jul 2012, 03:00
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.

Hope it's clear.
_________________
Intern
Joined: 25 Jun 2011
Posts: 49
Location: Sydney
Followers: 0

Kudos [?]: 1 [0], given: 7

Re: What was the price at which a merchant sold a certain [#permalink]

Show Tags

14 Jul 2012, 14:08
Okay thanks. What about "profit" is that the same as gross profit in terms of calculation?
Math Expert
Joined: 02 Sep 2009
Posts: 36638
Followers: 7106

Kudos [?]: 93666 [0], given: 10583

Re: What was the price at which a merchant sold a certain [#permalink]

Show Tags

15 Jul 2012, 06:05
dianamao wrote:
Okay thanks. What about "profit" is that the same as gross profit in terms of calculation?

Yes, generally profit and gross profit are the same on the GMAT.
_________________
Manager
Joined: 15 Jan 2011
Posts: 103
Followers: 11

Kudos [?]: 157 [0], given: 13

Re: What was the price at which a merchant sold a certain [#permalink]

Show Tags

07 Aug 2013, 04:32
profit=Q*Price-Costs, where Q stands for quantity of products sold
None of you mention Q in his calculations. Could you please shed some light on this
Verbal Forum Moderator
Joined: 10 Oct 2012
Posts: 630
Followers: 81

Kudos [?]: 1120 [0], given: 136

Re: What was the price at which a merchant sold a certain [#permalink]

Show Tags

07 Aug 2013, 04:35
Galiya wrote:
profit=Q*Price-Costs, where Q stands for quantity of products sold
None of you mention Q in his calculations. Could you please shed some light on this

I personally think this is not an issue;however, to clear the doubt, it reads "appliance". So it is singular.
_________________
Re: What was the price at which a merchant sold a certain   [#permalink] 07 Aug 2013, 04:35

Go to page    1   2    Next  [ 23 posts ]

Similar topics Replies Last post
Similar
Topics:
9 A merchant discounted the sale price of a coat and the sale price of a 5 26 Oct 2015, 08:41
How much was the original price of a car, which was sold for 13 08 Sep 2011, 17:54
1 What was the price at which a merchant sold a certain 5 20 Aug 2011, 04:00
13 A merchant discounted the sale price of a coat and the sale price of 7 10 Jun 2008, 17:38
3 What was the range of the selling prices of the 30 wallets sold by a 7 23 May 2008, 11:01
Display posts from previous: Sort by