GMAT Question of the Day - Daily to your Mailbox; hard ones only

It is currently 15 Feb 2019, 11:49

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.

Close

Request Expert Reply

Confirm Cancel
Events & Promotions in February
PrevNext
SuMoTuWeThFrSa
272829303112
3456789
10111213141516
17181920212223
242526272812
Open Detailed Calendar
  • $450 Tuition Credit & Official CAT Packs FREE

     February 15, 2019

     February 15, 2019

     10:00 PM EST

     11:00 PM PST

    EMPOWERgmat is giving away the complete Official GMAT Exam Pack collection worth $100 with the 3 Month Pack ($299)
  • Free GMAT practice

     February 15, 2019

     February 15, 2019

     10:00 PM EST

     11:00 PM PST

    Instead of wasting 3 months solving 5,000+ random GMAT questions, focus on just the 1,500 you need.

A farmer produced 750 bushels of a certain crop at a cost of $20 per

  new topic post reply Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
TAGS:

Hide Tags

 
Math Expert
User avatar
V
Joined: 02 Sep 2009
Posts: 52905
A farmer produced 750 bushels of a certain crop at a cost of $20 per  [#permalink]

Show Tags

New post 28 Jun 2017, 02:41
00:00
A
B
C
D
E

Difficulty:

  25% (medium)

Question Stats:

78% (02:04) correct 22% (01:53) wrong based on 55 sessions

HideShow timer Statistics

A farmer produced 750 bushels of a certain crop at a cost of $20 per bushel. If the farmer sold (2/3)rd of the bushels for double their production cost and sold the remaining bushels at 25 percent above their production cost, what was the farmer’s gross profit on the sale of the crop?

(A) $11250
(B) $13375
(C) $15000
(D) $18750
(E) $26250

_________________

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.


What are GMAT Club Tests?
Extra-hard Quant Tests with Brilliant Analytics

Intern
Intern
avatar
B
Joined: 30 Mar 2017
Posts: 38
Location: United States (FL)
GMAT ToolKit User
Re: A farmer produced 750 bushels of a certain crop at a cost of $20 per  [#permalink]

Show Tags

New post 28 Jun 2017, 03:11
1
Couple of different ways to go about this.... here is one:

**Notice that the problem is asking for profit so we have to subtract cost from revenue**

Find the total cost:
750 * 20 = 15000

Break the cost up into 1/3rds of production
15000/3 = 5000

2/3rds of the crops are sold for double their cost
10000*2 - 5000*2 = 10000

1/3 is sold for 25% more than cost
5000*1.25 - 5000 = 1250

10000+1250 = 11250

answer A
Senior Manager
Senior Manager
User avatar
B
Joined: 28 Jun 2015
Posts: 292
Concentration: Finance
GPA: 3.5
Re: A farmer produced 750 bushels of a certain crop at a cost of $20 per  [#permalink]

Show Tags

New post 28 Jun 2017, 03:17
2/3 (750) * 40 + (750/3) * 25 = $20,000 + $6,250 = $26,250

Gross Profit = $26,250 - (750*$20) = $26,250 - $15,000 = $11,250. Ans - A.
_________________

I used to think the brain was the most important organ. Then I thought, look what’s telling me that.

Senior Manager
Senior Manager
avatar
G
Joined: 28 May 2017
Posts: 283
Concentration: Finance, General Management
A farmer produced 750 bushels of a certain crop at a cost of $20 per  [#permalink]

Show Tags

New post Updated on: 28 Jun 2017, 05:55
Bunuel wrote:
A farmer produced 750 bushels of a certain crop at a cost of $20 per bushel. If the farmer sold (2/3)rd of the bushels for double their production cost and sold the remaining bushels at 25 percent above their production cost, what was the farmer’s gross profit on the sale of the crop?

(A) $11250
(B) $13375
(C) $15000
(D) $18750
(E) $26250



Short Cut Method

On \(\frac{2}{3}\) of production, Gross profit earned was = 100% of $20 = $20
On \(\frac{1}{3}\) of production, Gross profit earned was = $25% of 20 = $5
Weighted average of Gross Profit/Bushel = \(\frac{2}{3}\) 20 + \(\frac{1}{3}\) 5 = \(\frac{45}{3}\) = 15
Total Gross Profit = 15 x 750 = 11250

Hence Answer A
_________________

If you like the post, show appreciation by pressing Kudos button


Originally posted by elegantm on 28 Jun 2017, 04:39.
Last edited by elegantm on 28 Jun 2017, 05:55, edited 2 times in total.
Senior PS Moderator
User avatar
V
Joined: 26 Feb 2016
Posts: 3339
Location: India
GPA: 3.12
Premium Member CAT Tests
A farmer produced 750 bushels of a certain crop at a cost of $20 per  [#permalink]

Show Tags

New post 28 Jun 2017, 05:25
If the cost of production per bushel is x$
From the question stem we know that
CP : 750x
SP : \(500(2x) + 250(\frac{5x}{4}) = 1000x + (\frac{1250x}{4}) = \frac{5250x}{4}\)

Profit earned(due to sale of bushel) =\(\frac{5250x}{4}- 750x\) = \(\frac{(5250x - 3000x)}{4} = \frac{2250x}{4}\)

Since we are given the cost of producing the bushel = 20$(in question stem, putting x=20$)

Cost : \(2250*\frac{20}{4}\) = 2250*5 = 11250$(Option A)
_________________

You've got what it takes, but it will take everything you've got

Board of Directors
User avatar
P
Status: QA & VA Forum Moderator
Joined: 11 Jun 2011
Posts: 4382
Location: India
GPA: 3.5
WE: Business Development (Commercial Banking)
GMAT ToolKit User Premium Member CAT Tests
A farmer produced 750 bushels of a certain crop at a cost of $20 per  [#permalink]

Show Tags

New post 28 Jun 2017, 08:14
Bunuel wrote:
A farmer produced 750 bushels of a certain crop at a cost of $20 per bushel. If the farmer sold (2/3)rd of the bushels for double their production cost and sold the remaining bushels at 25 percent above their production cost, what was the farmer’s gross profit on the sale of the crop?

(A) $11250
(B) $13375
(C) $15000
(D) $18750
(E) $26250


Total cost of production = $ 15000

Quote:
If the farmer sold (2/3)rd of the bushels for double their production cost


Selling price of 2/3 rd of the bushels = 10000*2 => 20000

Quote:
sold the remaining bushels at 25 percent above their production cost


Selling price of remaining is \(\frac{125}{100}*5000\) = 6250

Gross Profit = \(20000 + 6250 - 15000\)

So, Gross Profit is (A) 11250
_________________

Thanks and Regards

Abhishek....

PLEASE FOLLOW THE RULES FOR POSTING IN QA AND VA FORUM AND USE SEARCH FUNCTION BEFORE POSTING NEW QUESTIONS

How to use Search Function in GMAT Club | Rules for Posting in QA forum | Writing Mathematical Formulas |Rules for Posting in VA forum | Request Expert's Reply ( VA Forum Only )

Retired Moderator
User avatar
P
Joined: 19 Mar 2014
Posts: 934
Location: India
Concentration: Finance, Entrepreneurship
GPA: 3.5
GMAT ToolKit User Premium Member
Re: A farmer produced 750 bushels of a certain crop at a cost of $20 per  [#permalink]

Show Tags

New post 29 Jun 2017, 00:48
A farmer produced 750 bushels of a certain crop at a cost of $20 per bushel. If the farmer sold (2/3)rd of the bushels for double their production cost and sold the remaining bushels at 25 percent above their production cost, what was the farmer’s gross profit on the sale of the crop?

Cost of Producing 750 Bushels \(= 750 * $ 20 = $ 15,000\)

2/3 Bushels \(= 750 * \frac{2}{3} = 500\)

2/3 Bushels sold at double the cost \(= $20 * 2 = $40\)

Profit per Bushels for 2/3 sold at double cost \(= $40 - $20 = $20\)

Total Profit by selling 2/3 Bushels at double cost \(= 500 * 20 = $10,000\) ------------------------(1)

Remaining, or 1/3 of Bushels sold at 5% profit \(= $20 + \frac{5}{100} * $20 = $20 + $ 5 = $25\)

Profit per Bushels for 1/3 sold at 5% profit \(= $25 - $20 = $5\)

Total profit by selling 1/3 Bushels at 5% profit \(= $5 * 250 = $1,250\) ------------------------(1)

From (1) & (2) Total Profit

\($10,000 + $1,250 = $11,250\)

Hence, Answer is A
_________________

"Nothing in this world can take the place of persistence. Talent will not: nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not: the world is full of educated derelicts. Persistence and determination alone are omnipotent."

Best AWA Template: https://gmatclub.com/forum/how-to-get-6-0-awa-my-guide-64327.html#p470475

Target Test Prep Representative
User avatar
P
Status: Founder & CEO
Affiliations: Target Test Prep
Joined: 14 Oct 2015
Posts: 4896
Location: United States (CA)
Re: A farmer produced 750 bushels of a certain crop at a cost of $20 per  [#permalink]

Show Tags

New post 30 Jun 2017, 08:21
Bunuel wrote:
A farmer produced 750 bushels of a certain crop at a cost of $20 per bushel. If the farmer sold (2/3)rd of the bushels for double their production cost and sold the remaining bushels at 25 percent above their production cost, what was the farmer’s gross profit on the sale of the crop?

(A) $11250
(B) $13375
(C) $15000
(D) $18750
(E) $26250


We are given that the farmer sold 2/3 of the bushels for double their production cost; thus, he sold them for:

750(2/3)(40) = (500)(40) = $20,000

He also sold the remaining 1/3 of the bushels at 25 percent above their product cost; thus, he sold them for:

(750)(1/3)(1.25)(20) = (250)(25) = $6,250

His cost is 750(20) = $15,000.

Thus, the profit was:

20,000 + 6,250 - 15,000= $11,250

Answer: A
_________________

Scott Woodbury-Stewart
Founder and CEO

GMAT Quant Self-Study Course
500+ lessons 3000+ practice problems 800+ HD solutions

Director
Director
avatar
G
Joined: 09 Mar 2018
Posts: 903
Location: India
Re: A farmer produced 750 bushels of a certain crop at a cost of $20 per  [#permalink]

Show Tags

New post 12 Feb 2019, 04:04
Bunuel wrote:
A farmer produced 750 bushels of a certain crop at a cost of $20 per bushel. If the farmer sold (2/3)rd of the bushels for double their production cost and sold the remaining bushels at 25 percent above their production cost, what was the farmer’s gross profit on the sale of the crop?


Initial price = 750 * 20 = 15000

New price = 500 * 40(double of 20) + 250 *25 ( 25 percent above their production cost) = 26250

Profit = 26250 - 15000
$11250
_________________

If you notice any discrepancy in my reasoning, please let me know. Lets improve together.

Quote which i can relate to.
Many of life's failures happen with people who do not realize how close they were to success when they gave up.

Veritas Prep GMAT Instructor
User avatar
D
Joined: 16 Oct 2010
Posts: 8880
Location: Pune, India
Re: A farmer produced 750 bushels of a certain crop at a cost of $20 per  [#permalink]

Show Tags

New post 12 Feb 2019, 04:29
Bunuel wrote:
A farmer produced 750 bushels of a certain crop at a cost of $20 per bushel. If the farmer sold (2/3)rd of the bushels for double their production cost and sold the remaining bushels at 25 percent above their production cost, what was the farmer’s gross profit on the sale of the crop?

(A) $11250
(B) $13375
(C) $15000
(D) $18750
(E) $26250


Using weighted average:

100% profit on (2/3)rd of the bushels and 25% profit on (1/3)rd of the bushels.

\(Aavg = \frac{100*(2/3) + 25*(1/3)}{1} = 75\)

Average profit is 75% over the entire crop.
\(Profit = (\frac{75}{100}) * (750*20) = $11250\)

Answer (A)
_________________

Karishma
Veritas Prep GMAT Instructor

Learn more about how Veritas Prep can help you achieve a great GMAT score by checking out their GMAT Prep Options >

SVP
SVP
User avatar
G
Joined: 18 Aug 2017
Posts: 1770
Location: India
Concentration: Sustainability, Marketing
GPA: 4
WE: Marketing (Energy and Utilities)
GMAT ToolKit User Premium Member CAT Tests
Re: A farmer produced 750 bushels of a certain crop at a cost of $20 per  [#permalink]

Show Tags

New post 12 Feb 2019, 05:02
Bunuel wrote:
A farmer produced 750 bushels of a certain crop at a cost of $20 per bushel. If the farmer sold (2/3)rd of the bushels for double their production cost and sold the remaining bushels at 25 percent above their production cost, what was the farmer’s gross profit on the sale of the crop?

(A) $11250
(B) $13375
(C) $15000
(D) $18750
(E) $26250


total investment = 750 * 20 ; 15,000
out of 750 ; 2/3 ; 500 were sold at 40 $ = 20,000 and other 250 @ 1.25 * 20 = 25 * 250 = 6250
total earned = 20,000+6250 = 26250
gross profit = 26500-15000; 11250
IMO A
_________________

If you liked my solution then please give Kudos. Kudos encourage active discussions.

GMAT Club Bot
Re: A farmer produced 750 bushels of a certain crop at a cost of $20 per   [#permalink] 12 Feb 2019, 05:02
Display posts from previous: Sort by

A farmer produced 750 bushels of a certain crop at a cost of $20 per

  new topic post reply Question banks Downloads My Bookmarks Reviews Important topics  


Copyright

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

Powered by phpBB © phpBB Group | Emoji artwork provided by EmojiOne

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®.