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A merchant marks his goods up in such a way that the profit made on

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A merchant marks his goods up in such a way that the profit made on  [#permalink]

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New post 18 Aug 2015, 02:17
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A
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Difficulty:

  55% (hard)

Question Stats:

62% (01:56) correct 38% (01:46) wrong based on 116 sessions

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Re: A merchant marks his goods up in such a way that the profit made on  [#permalink]

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New post 18 Aug 2015, 02:32
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Quote:
A merchant marks his goods up in such a way that the profit made on selling 30 articles is equal to the cost price of 20 articles. What is the % profit made by the merchant?

A. 66.67 %
B. 50 %
C. 200 %
D. 100 %
E. 33.33 %


This is how I solved it, let me know if its the right answer:

Let Selling Price be x and Cost Price be y of each article;

now, 30x - 30y = the profit earned on selling 30 articles
it is known that the profit earned on 30 articles i.e 30x - 30y = 20y (Cost price of 20 articles)

we get, 30x = 50y
that means x/y = 50/30
Selling Price/Cost price = 5/3

Something that costs $3 is being sold at $5 which is at 66.67% profit.
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Re: A merchant marks his goods up in such a way that the profit made on  [#permalink]

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New post 18 Aug 2015, 02:36
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Bunuel wrote:
A merchant marks his goods up in such a way that the profit made on selling 30 articles is equal to the cost price of 20 articles. What is the % profit made by the merchant?

A. 66.67 %
B. 50 %
C. 200 %
D. 100 %
E. 33.33 %


Kudos for a correct solution.


C.P of 1 article= $30(say)
C.P of 20 articles=30*20=$600
Now, C.P of 20 articles=Profit on 30 articles
Therefore, profit on 1 article=$600/30=$20
Profit%=(20/30)*100=66.67%
Answer A
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A merchant marks his goods up in such a way that the profit made on  [#permalink]

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New post 18 Aug 2015, 05:16
Bunuel wrote:
A merchant marks his goods up in such a way that the profit made on selling 30 articles is equal to the cost price of 20 articles. What is the % profit made by the merchant?

A. 66.67 %
B. 50 %
C. 200 %
D. 100 %
E. 33.33 %


Kudos for a correct solution.


Let S and C be the selling and cost price of the articles respectively.

Per question, Profit of 30 articles = 30S - 30C = cost price of 20 articles = 20 C ---> 30S-30C=20C ----> S=5/3 C

Thus, profit % = \(\frac{s-c}{c}\) *100 = (5/3)-1 = 2/3*100=66.67%. A is the correct answer.
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Re: A merchant marks his goods up in such a way that the profit made on  [#permalink]

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New post 18 Aug 2015, 21:02
Bunuel wrote:
A merchant marks his goods up in such a way that the profit made on selling 30 articles is equal to the cost price of 20 articles. What is the % profit made by the merchant?

A. 66.67 %
B. 50 %
C. 200 %
D. 100 %
E. 33.33 %


Kudos for a correct solution.

IMO : A

Given Profit = 20CP (for selling 30 goods)
Thus P = 30SP - 30CP
20CP = 30SP - 30CP
50CP = 30SP
5CP = 3SP
SP = 5/3 CP
Profit % = \(\frac{(SP - CP)}{CP}\)* 100
= 66.66%
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Re: A merchant marks his goods up in such a way that the profit made on  [#permalink]

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New post 31 Oct 2018, 23:48
Hello from the GMAT Club BumpBot!

Thanks to another GMAT Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos).

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Re: A merchant marks his goods up in such a way that the profit made on   [#permalink] 31 Oct 2018, 23:48
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