Find all School-related info fast with the new School-Specific MBA Forum

It is currently 13 Jul 2014, 12:57

Close

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
Your Progress

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

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

Events & Promotions

Events & Promotions in June
Open Detailed Calendar

What was the price at which a merchant sold a certain

  Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
TAGS:
Manager
Manager
avatar
Joined: 10 Oct 2005
Posts: 115
Location: Hollywood
Followers: 0

Kudos [?]: 2 [0], given: 0

What was the price at which a merchant sold a certain [#permalink] New post 10 Oct 2005, 10:25
1
This post was
BOOKMARKED
00:00
A
B
C
D
E

Difficulty:

  15% (low)

Question Stats:

77% (01:46) correct 22% (00:50) wrong based on 127 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.

Official Guide 12 Question

GMAT Official Guide 12

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...

Kaplan GMAT Prep Discount CodesKnewton GMAT Discount CodesManhattan GMAT Discount Codes
Manager
Manager
User avatar
Joined: 03 Oct 2005
Posts: 88
Followers: 1

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

 [#permalink] New post 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
GMAT Club Legend
User avatar
Joined: 07 Jul 2004
Posts: 5097
Location: Singapore
Followers: 16

Kudos [?]: 131 [0], given: 0

GMAT Tests User
 [#permalink] New post 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
SVP
User avatar
Joined: 16 Oct 2003
Posts: 1816
Followers: 4

Kudos [?]: 29 [0], given: 0

GMAT Tests User
 [#permalink] New post 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
1 KUDOS received
Director
Director
User avatar
Joined: 08 Jun 2004
Posts: 502
Location: Europe
Followers: 1

Kudos [?]: 10 [1] , given: 0

GMAT Tests User
 [#permalink] New post 19 Jul 2006, 19:05
1
This post received
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 merchant’s cost of the appliance.

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

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

GMAT Tests User
 [#permalink] New post 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 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
VP
VP
User avatar
Joined: 07 Nov 2005
Posts: 1133
Location: India
Followers: 3

Kudos [?]: 27 [0], given: 1

GMAT Tests User
 [#permalink] New post 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
SVP
avatar
Joined: 30 Mar 2006
Posts: 1741
Followers: 1

Kudos [?]: 22 [0], given: 0

GMAT Tests User
 [#permalink] New post 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
Manager
avatar
Joined: 09 May 2009
Posts: 206
Followers: 1

Kudos [?]: 68 [0], given: 13

GMAT Tests User
Re: data sufficiency question III [#permalink] New post 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

Senior Manager
Senior Manager
avatar
Joined: 02 Aug 2009
Posts: 269
Followers: 3

Kudos [?]: 80 [0], given: 1

GMAT Tests User
Re: data sufficiency question III [#permalink] New post 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.
1 KUDOS received
Director
Director
User avatar
Status: GMAT Learner
Joined: 14 Jul 2010
Posts: 653
Followers: 31

Kudos [?]: 187 [1] , given: 32

GMAT Tests User
Re: DS: Appliance [#permalink] New post 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!
_________________

I am student of everyone-baten
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
SVP
avatar
Joined: 16 Nov 2010
Posts: 1692
Location: United States (IN)
Concentration: Strategy, Technology
Followers: 30

Kudos [?]: 273 [0], given: 36

GMAT Tests User Premium Member Reviews Badge
Re: DS: Appliance [#permalink] New post 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)

Get the best GMAT Prep Resources with GMAT Club Premium Membership

VP
VP
avatar
Status: There is always something new !!
Affiliations: PMI,QAI Global,eXampleCG
Joined: 08 May 2009
Posts: 1365
Followers: 10

Kudos [?]: 130 [0], given: 10

GMAT Tests User
Re: DS: Appliance [#permalink] New post 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
Manager
avatar
Joined: 18 Aug 2011
Posts: 60
Followers: 1

Kudos [?]: 12 [0], given: 6

Re: a GWD math (4) , which hasn't been discussed [#permalink] New post 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
Intern
avatar
Joined: 25 Jun 2011
Posts: 49
Location: Sydney
Followers: 0

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

GMAT Tests User
Re: What was the price at which a merchant sold a certain [#permalink] New post 13 Jul 2012, 17:57
Is "gross profit" equal to the difference between sale price and cost of good?
Expert Post
Math Expert
User avatar
Joined: 02 Sep 2009
Posts: 18523
Followers: 3197

Kudos [?]: 21425 [0], given: 2547

Re: What was the price at which a merchant sold a certain [#permalink] New post 14 Jul 2012, 03:00
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.

Answer: C.

Hope it's clear.
_________________

NEW TO MATH FORUM? PLEASE READ THIS: ALL YOU NEED FOR QUANT!!!

PLEASE READ AND FOLLOW: 11 Rules for Posting!!!

RESOURCES: [GMAT MATH BOOK]; 1. Triangles; 2. Polygons; 3. Coordinate Geometry; 4. Factorials; 5. Circles; 6. Number Theory; 7. Remainders; 8. Overlapping Sets; 9. PDF of Math Book; 10. Remainders; 11. GMAT Prep Software Analysis NEW!!!; 12. SEVEN SAMURAI OF 2012 (BEST DISCUSSIONS) NEW!!!; 12. Tricky questions from previous years. NEW!!!;

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.


What are GMAT Club Tests?
25 extra-hard Quant Tests

Get the best GMAT Prep Resources with GMAT Club Premium Membership

Intern
Intern
avatar
Joined: 25 Jun 2011
Posts: 49
Location: Sydney
Followers: 0

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

GMAT Tests User
Re: What was the price at which a merchant sold a certain [#permalink] New post 14 Jul 2012, 14:08
Okay thanks. What about "profit" is that the same as gross profit in terms of calculation?
Expert Post
Math Expert
User avatar
Joined: 02 Sep 2009
Posts: 18523
Followers: 3197

Kudos [?]: 21425 [0], given: 2547

Re: What was the price at which a merchant sold a certain [#permalink] New post 15 Jul 2012, 06:05
Expert's post
Manager
Manager
User avatar
Joined: 15 Jan 2011
Posts: 108
Followers: 8

Kudos [?]: 26 [0], given: 13

Re: What was the price at which a merchant sold a certain [#permalink] New post 07 Aug 2013, 04:32
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
Expert Post
Verbal Forum Moderator
Verbal Forum Moderator
User avatar
Joined: 10 Oct 2012
Posts: 626
Followers: 40

Kudos [?]: 529 [0], given: 135

Premium Member
Re: What was the price at which a merchant sold a certain [#permalink] New post 07 Aug 2013, 04:35
Expert's post
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.
_________________

All that is equal and not-Deep Dive In-equality

Hit and Trial for Integral Solutions

Re: What was the price at which a merchant sold a certain   [#permalink] 07 Aug 2013, 04:35
    Similar topics Author Replies Last post
Similar
Topics:
5 Experts publish their posts in the topic What was the price at which a merchant sold a certain TOUGH GUY 22 10 Oct 2005, 10:25
Experts publish their posts in the topic How much was the original price of a car, which was sold for mohan514 13 08 Sep 2011, 17:54
1 What was the price at which a merchant sold a certain Jasontuyj2012 5 20 Aug 2011, 04:00
Experts publish their posts in the topic By what percent was the price of a certain television set rite2deepti 3 29 Nov 2010, 00:23
Average prices of laptops sold andrewng 1 02 Oct 2009, 05:35
Display posts from previous: Sort by

What was the price at which a merchant sold a certain

  Question banks Downloads My Bookmarks Reviews Important topics  

Go to page    1   2    Next  [ 23 posts ] 



GMAT Club MBA Forum Home| About| Privacy Policy| Terms and Conditions| GMAT Club Rules| Contact| Sitemap

Powered by phpBB © phpBB Group and phpBB SEO

Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.