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A circus earned $150,000 in ticket revenue by selling 1,800

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A circus earned $150,000 in ticket revenue by selling 1,800  [#permalink]

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New post 18 Sep 2013, 15:45
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A circus earned $150,000 in ticket revenue by selling 1,800 VIP and Standard tickets. They sold 25% more standard tickets than VIP tickets. If the revenue from Standard tickets represents a third of the total ticket revenue, what is the price of a VIP ticket?
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Re: A circus earned $150,000 in ticket revenue by selling 1,800  [#permalink]

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New post 18 Sep 2013, 15:52
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jlgdr wrote:
A circus earned $150,000 in ticket revenue by selling 1,800 VIP and Standard tickets. They sold 25% more standard tickets than VIP tickets. If the revenue from Standard tickets represents a third of the total ticket revenue, what is the price of a VIP ticket?


V + 1.25V = 1,800 --> V = 800.

The revenue from VIP tickets = 2/3*$150,000 = $100,000.
The price of a VIP ticket $100,000/800.
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Re: A circus earned $150,000 in ticket revenue by selling 1,800  [#permalink]

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New post 18 Sep 2013, 15:58
jlgdr wrote:
A circus earned $150,000 in ticket revenue by selling 1,800 VIP and Standard tickets. They sold 25% more standard tickets than VIP tickets. If the revenue from Standard tickets represents a third of the total ticket revenue, what is the price of a VIP ticket?

Dear jlgdr,
I'm also happy to help with this problem. :-)

First, let's tackle ticket numbers, and ignore the prices.
V = # of VIP tickets
S = # of standard tickets.

"They sold 25% more standard tickets than VIP tickets." This means:
S = 1.25T
Here, I am using a multiplier to represent the percent increase. See:
http://magoosh.com/gmat/2012/understand ... -the-gmat/

S = 1.25T = (5/4)*T

T = (4/5)*S

S + T = 1800

S + (4/5)*S = 1800

(9/5)*S = 1800

(1/5)*S = 200

S = 1000

V = 800

So, a thousand standard tickets were sold. Put that piece of info on hold for a moment. Now, the financial info.

"A circus earned $150,000 in ticket revenue .... the revenue from Standard tickets represents a third of the total ticket revenue."
One third of $150,000 is $50,000. That's the revenue from standard tickets only. Therefore, revenue from VIP tickets is $100,000.

We sold 800 VIP tickets for $100,000, so each one must have cost 100,000/800 = 1000/8 = 125.

VIP tickets cost $125.
FWIW, standard tickets cost $50.

Does all this make sense?
Mike :-)
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Re: A circus earned $150,000 in ticket revenue by selling 1,800  [#permalink]

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New post 21 Sep 2013, 07:43
mikemcgarry wrote:
jlgdr wrote:
A circus earned $150,000 in ticket revenue by selling 1,800 VIP and Standard tickets. They sold 25% more standard tickets than VIP tickets. If the revenue from Standard tickets represents a third of the total ticket revenue, what is the price of a VIP ticket?

Dear jlgdr,
I'm also happy to help with this problem. :-)

First, let's tackle ticket numbers, and ignore the prices.
V = # of VIP tickets
S = # of standard tickets.

"They sold 25% more standard tickets than VIP tickets." This means:
S = 1.25T
Here, I am using a multiplier to represent the percent increase. See:
http://magoosh.com/gmat/2012/understand ... -the-gmat/

S = 1.25T = (5/4)*T

T = (4/5)*S

S + T = 1800

S + (4/5)*S = 1800

(9/5)*S = 1800

(1/5)*S = 200

S = 1000

V = 800

So, a thousand standard tickets were sold. Put that piece of info on hold for a moment. Now, the financial info.

"A circus earned $150,000 in ticket revenue .... the revenue from Standard tickets represents a third of the total ticket revenue."
One third of $150,000 is $50,000. That's the revenue from standard tickets only. Therefore, revenue from VIP tickets is $100,000.

We sold 800 VIP tickets for $100,000, so each one must have cost 100,000/800 = 1000/8 = 125.

VIP tickets cost $125.
FWIW, standard tickets cost $50.

Does all this make sense?
Mike :-)


Makes perfect sense!
Thanks Mike!
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Re: A circus earned $150,000 in ticket revenue by selling 1,800  [#permalink]

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New post 25 Jan 2014, 03:33
The question says They sold 25% more Standard tickets than V.I.P. tickets.

Does this not mean,

Total No. of Standard tickets sold = (Total No. of VIP tickets sold) + 0.25(Total No. of VIP tickets sold)

But your solutions show it as Total No. of Standard tickets sold = 0.25(Total No. of VIP tickets sold)

In other problem I was working on, it said something like - "Mary salary is $100 and Mercy's is 25% more than Mary's salary." and I translated it to:

Mercy's salary = 100 + 0.25(100) = 125

What I am missing?
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Re: A circus earned $150,000 in ticket revenue by selling 1,800  [#permalink]

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New post 26 Jan 2014, 05:12
flower07 wrote:
A circus earned $150,000 in ticket revenue by selling 1,800 VIP and Standard tickets. They sold 25% more standard tickets than VIP tickets. If the revenue from Standard tickets represents a third of the total ticket revenue, what is the price of a VIP ticket?

The question says They sold 25% more Standard tickets than V.I.P. tickets.

Does this not mean,

Total No. of Standard tickets sold = (Total No. of VIP tickets sold) + 0.25(Total No. of VIP tickets sold)

But your solutions show it as Total No. of Standard tickets sold = 0.25(Total No. of VIP tickets sold)

In other problem I was working on, it said something like - "Mary salary is $100 and Mercy's is 25% more than Mary's salary." and I translated it to:

Mercy's salary = 100 + 0.25(100) = 125

What I am missing?


Which solution are you referring to?

They sold 25% more standard tickets than VIP tickets --> {Standard} = 1.25*{VIP}.
_________________

New to the Math Forum?
Please read this: Ultimate GMAT Quantitative Megathread | All You Need for Quant | PLEASE READ AND FOLLOW: 12 Rules for Posting!!!

Resources:
GMAT Math Book | Triangles | Polygons | Coordinate Geometry | Factorials | Circles | Number Theory | Remainders; 8. Overlapping Sets | PDF of Math Book; 10. Remainders | GMAT Prep Software Analysis | SEVEN SAMURAI OF 2012 (BEST DISCUSSIONS) | Tricky questions from previous years.

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: A circus earned $150,000 in ticket revenue by selling 1,800  [#permalink]

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Re: A circus earned $150,000 in ticket revenue by selling 1,800   [#permalink] 08 Oct 2018, 21:23
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