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

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10 Oct 2005, 11:25

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E

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75% (01:48) correct
25% (00:43) wrong based on 193 sessions

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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.

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.

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. _________________

Re: a GWD math (4) , which hasn't been discussed [#permalink]

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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

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

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14 Jul 2012, 04:00

Expert's post

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.

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

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07 Aug 2013, 05:32

but what about quantity? 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

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

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07 Aug 2013, 05:35

Galiya wrote:

but what about quantity? 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. _________________

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