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A man cheats while buying as well as while selling. While
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01 Jul 2012, 22:02
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Question Stats:
50% (02:43) correct 50% (02:53) wrong based on 291 sessions
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Responding to a pm:
A man cheats while buying as well as while selling. While buying he takes 10% more than what he pays for and while selling he gives 20% less than what he claims to. Find the profit percent, if he sells at 9.09% below the cost price of the claimed weight.
Options:
A. 19.81%
B. 20%
C. 37.5%
D. 25%
E. 37.5%
In weight questions, try to go one step at a time. Say the man buys 100 pounds for $100. But he cheats and takes 110 pounds. This means HIS cost price is $10/11 per pound. While giving 100 pounds, he actually gives only 80 pounds and charges 9.09% less i.e. 1/11 less than the cost price of 100 pounds which is $100. So he sells at 10/11 * 100 = 1000/11 HIS cost price for 80 pounds = 10/11 * 80 = 800/11 HIS selling price for 80 pounds = 1000/11
There is a one step calculation method too. It requires more thought but is faster. The man takes 10% more than what he pays for. So if he claims to take 100 pounds, he pays $100 but he actually takes 110 pounds for which he will take from the customer $110. Hence, in effect, there is a 10% mark up. While selling, he sells 20% less. This means, he claims to sell 100 pounds and gets $100 but actually sells only 80 pounds and should have got only $80 for it. So this is again a mark up of $20 on $80 which is 25%. But he also sells at 9.09% less i.e. gives a discount of 1/11.
second approach seems to be easy after reading your blog post. i am still having a hard time while trying to understnad this line 'While giving 100 pounds, he actually gives only 80 pounds and charges 9.09% less i.e. 1/11 less than the cost price of 100 pounds which is $100. '
second approach seems to be easy after reading your blog post. i am still having a hard time while trying to understnad this line 'While giving 100 pounds, he actually gives only 80 pounds and charges 9.09% less i.e. 1/11 less than the cost price of 100 pounds which is $100. '
The man claims he is giving you 100 pounds i.e. selling you 100 pounds of product. He is supposedly giving a discount of 9.09% i.e. charging 1/11 less than the cost price of 100 pounds which is $100. So he is charging only 10/11 of $100 = $1000/11 from you for giving you "100 pounds". But actually, by cheating, he gave you only 80 pounds. So he charged you $1000/11 for 80 pounds. Think of a fruit vendor you go to to buy some peaches. He says the cost price of the peaches is $1 per pound. But he is willing to give you a discount of 9.09%. But instead of 100 pounds of peaches, he weighs only 80 pounds and gives you less. Though he charges you for 100 pounds. How much does he charge? 9.09% less than 100 pounds i.e. 1/11 less than 100 pounds i.e. 10/11 * 100 pounds = 1000/11
Re: A man cheats while buying as well as while selling. While
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24 Jul 2014, 11:18
VeritasPrepKarishma wrote:
There is a one step calculation method too. It requires more thought but is faster. The man takes 10% more than what he pays for. So if he claims to take 100 pounds, he pays $100 but he actually takes 110 pounds for which he will take from the customer $110. Hence, in effect, there is a 10% mark up. While selling, he sells 20% less. This means, he claims to sell 100 pounds and gets $100 but actually sells only 80 pounds and should have got only $80 for it. So this is again a mark up of $20 on $80 which is 25%. But he also sells at 9.09% less i.e. gives a discount of 1/11. (1 + m1%)(1 + m2%)(1 - d%) = (1 + p%) 11/10 * 5/4 * 10/11 = (1 + p%) profit % = 25%
Re: A man cheats while buying as well as while selling. While
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24 Jul 2014, 20:53
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GGMAT760 wrote:
VeritasPrepKarishma wrote:
There is a one step calculation method too. It requires more thought but is faster. The man takes 10% more than what he pays for. So if he claims to take 100 pounds, he pays $100 but he actually takes 110 pounds for which he will take from the customer $110. Hence, in effect, there is a 10% mark up. While selling, he sells 20% less. This means, he claims to sell 100 pounds and gets $100 but actually sells only 80 pounds and should have got only $80 for it. So this is again a mark up of $20 on $80 which is 25%. But he also sells at 9.09% less i.e. gives a discount of 1/11. (1 + m1%)(1 + m2%)(1 - d%) = (1 + p%) 11/10 * 5/4 * 10/11 = (1 + p%) profit % = 25%
Re: A man cheats while buying as well as while selling. While
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25 Jul 2014, 02:09
VeritasPrepKarishma wrote:
GGMAT760 wrote:
VeritasPrepKarishma wrote:
There is a one step calculation method too. It requires more thought but is faster. The man takes 10% more than what he pays for. So if he claims to take 100 pounds, he pays $100 but he actually takes 110 pounds for which he will take from the customer $110. Hence, in effect, there is a 10% mark up. While selling, he sells 20% less. This means, he claims to sell 100 pounds and gets $100 but actually sells only 80 pounds and should have got only $80 for it. So this is again a mark up of $20 on $80 which is 25%. But he also sells at 9.09% less i.e. gives a discount of 1/11. (1 + m1%)(1 + m2%)(1 - d%) = (1 + p%) 11/10 * 5/4 * 10/11 = (1 + p%) profit % = 25%
Re: A man cheats while buying as well as while selling. While
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08 Oct 2015, 04:27
VeritasPrepKarishma wrote:
There is a one step calculation method too. It requires more thought but is faster. The man takes 10% more than what he pays for. So if he claims to take 100 pounds, he pays $100 but he actually takes 110 pounds for which he will take from the customer $110. Hence, in effect, there is a 10% mark up. While selling, he sells 20% less. This means, he claims to sell 100 pounds and gets $100 but actually sells only 80 pounds and should have got only $80 for it. So this is again a mark up of $20 on $80 which is 25%. But he also sells at 9.09% less i.e. gives a discount of 1/11.
Re: A man cheats while buying as well as while selling. While
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08 Oct 2015, 21:43
anik19890 wrote:
VeritasPrepKarishma wrote:
There is a one step calculation method too. It requires more thought but is faster. The man takes 10% more than what he pays for. So if he claims to take 100 pounds, he pays $100 but he actually takes 110 pounds for which he will take from the customer $110. Hence, in effect, there is a 10% mark up. While selling, he sells 20% less. This means, he claims to sell 100 pounds and gets $100 but actually sells only 80 pounds and should have got only $80 for it. So this is again a mark up of $20 on $80 which is 25%. But he also sells at 9.09% less i.e. gives a discount of 1/11.
can you please clear about (1+m2)= 5/4?? i can not understand fro m where did u get this.
There are two mark ups in this question - the first mark up of 10% (he takes 110 pounds for which he will get $110 though he pays only $100 for it - that is a 10% mark up) - this gives you 1 + 10/100 = 11/10 the second mark up of 25% (he gives only 80 pounds for which he had paid $80 but charges $100 for it - the markup of $20 on $80 cost price is a 25% mark up) - this gives you (1 + 25/100) = 5/4
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The question says that he takes 10% more than what he pays for. This means that if he pays $100 for 100 gms, but takes 110 gms instead. So the cost price is actually 100/110 per gram = $90.9 per 100 gms Cheated cost price is not 110. It is 90.9
Similarly, think about selling price too.
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Karishma Veritas Prep GMAT Instructor
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Re: A man cheats while buying as well as while selling. While
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13 Nov 2016, 13:45
[quote="VeritasPrepKarishma"]Responding to a pm:
A man cheats while buying as well as while selling. While buying he takes 10% more than what he pays for and while selling he gives 20% less than what he claims to. Find the profit percent, if he sells at 9.09% below the cost price of the claimed weight.
Options:
A. 19.81%
B. 20%
C. 37.5%
D. 25%
E. 37.5%
he makes a profit on buying and a profit from selling and he gives a fake discount
profit on buying
if 1 buys 1.1 then 1000/11 buys 1
100%-1000/11% = 100/11% = 9.09% approx
profit on selling ( form cheating) by decreasing weight by 20%
Re: A man cheats while buying as well as while selling. While
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21 Jan 2017, 19:12
VeritasPrepKarishma wrote:
Responding to a pm:
A man cheats while buying as well as while selling. While buying he takes 10% more than what he pays for and while selling he gives 20% less than what he claims to. Find the profit percent, if he sells at 9.09% below the cost price of the claimed weight.
Options:
A. 19.81%
B. 20%
C. 37.5%
D. 25%
E. 37.5%
In weight questions, try to go one step at a time. Say the man buys 100 pounds for $100. But he cheats and takes 110 pounds. This means HIS cost price is $10/11 per pound. While giving 100 pounds, he actually gives only 80 pounds and charges 9.09% less i.e. 1/11 less than the cost price of 100 pounds which is $100. So he sells at 10/11 * 100 = 1000/11 HIS cost price for 80 pounds = 10/11 * 80 = 800/11 HIS selling price for 80 pounds = 1000/11
Profit = (1000/11 - 800/11)/800/11 * 100 = 25%
Option C and E are the same. You should edit them.
Concentration: Entrepreneurship, International Business
GMAT 1: 690 Q42 V42
Re: A man cheats while buying as well as while selling. While
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21 Jan 2017, 23:40
It helps to know the fractional equivalents. One can then proceed by taking convenient numbers. So, say the man paid for 1000 units and got 1100 units. His CP=10/11. Now he claims to sell 1100 units but only sells 880 units (20% less) and at a price 1/11th less (9.09%). So his SP is 1000, while he's incurring a cost of 880*10/11=800. So his overall profit= (1000-800)/800=1/4=25%.
A man cheats while buying as well as while selling. While buying he takes 10% more than what he pays for and while selling he gives 20% less than what he claims to. Find the profit percent, if he sells at 9.09% below the cost price of the claimed weight.
Options:
A. 19.81%
B. 20%
C. 37.5%
D. 25%
E. 37.5%
In weight questions, try to go one step at a time. Say the man buys 100 pounds for $100. But he cheats and takes 110 pounds. This means HIS cost price is $10/11 per pound. While giving 100 pounds, he actually gives only 80 pounds and charges 9.09% less i.e. 1/11 less than the cost price of 100 pounds which is $100. So he sells at 10/11 * 100 = 1000/11 HIS cost price for 80 pounds = 10/11 * 80 = 800/11 HIS selling price for 80 pounds = 1000/11
A man cheats while buying as well as while selling. While
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26 Feb 2017, 21:13
See it this way
When the merchant buys material
what he pays for - 100 gm what he actually gets - 110 gm
when merchant sells what he charges for - 100 gm what he gives - 80 gm of material
So in a single transaction he buys 110 gm for a certain amount and sells 80 for the same amount. The difference 110-80 is what accounts for his profit.This is without considering the discount he gives
Now if i consider the discount also discount is 9.09%
suppose cost per unit is X
for 91x he sold 80 gm for 100x he will sell (80/91) * 100 = 88gm
So he bought 110 gm for certain amount and sold 88 gm for the same amount so his net gain is 110-88 =22gm so for 88 gm sold he made 22gm profit
Re: A man cheats while buying as well as while selling. While
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01 Mar 2017, 19:02
VeritasPrepKarishma wrote:
There is a one step calculation method too. It requires more thought but is faster. The man takes 10% more than what he pays for. So if he claims to take 100 pounds, he pays $100 but he actually takes 110 pounds for which he will take from the customer $110. Hence, in effect, there is a 10% mark up. While selling, he sells 20% less. This means, he claims to sell 100 pounds and gets $100 but actually sells only 80 pounds and should have got only $80 for it. So this is again a mark up of $20 on $80 which is 25%. But he also sells at 9.09% less i.e. gives a discount of 1/11.
Re: A man cheats while buying as well as while selling. While
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26 May 2017, 01:31
1
VeritasPrepKarishma wrote:
There is a one step calculation method too. It requires more thought but is faster. The man takes 10% more than what he pays for. So if he claims to take 100 pounds, he pays $100 but he actually takes 110 pounds for which he will take from the customer $110. Hence, in effect, there is a 10% mark up. While selling, he sells 20% less. This means, he claims to sell 100 pounds and gets $100 but actually sells only 80 pounds and should have got only $80 for it. So this is again a mark up of $20 on $80 which is 25%. But he also sells at 9.09% less i.e. gives a discount of 1/11.
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50% (02:43) correct 
