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A retailer purchased a television set for x percent less than its list

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Bunuel
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A retailer purchased a television set for x percent less than its list [#permalink] New post  24 Dec 2013, 03:55
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A retailer purchased a television set for x percent less than its list price, and then sold it for y percent less than its list price. What was the list price of the television set?

(1) x = 15
(2) x - y = 5
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Bunuel
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Re: A retailer purchased a television set for x percent less than its list [#permalink] New post  24 Dec 2013, 03:55
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SOLUTION

A retailer purchased a television set for x percent less than its list price, and then sold it for y percent less than its list price. What was the list price of the television set?

(1) x = 15. Clearly insufficient.

(2) x - y = 5. Clearly insufficient.

(1)+(2) Even though we know the values of x and y, we still don't know ANY dollar value (list price, purchase price, selling price). Not sufficient.

Answer: E.
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Re: A retailer purchased a television set for x percent less than its list [#permalink] New post  24 Dec 2013, 06:58
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Here is a question in which we have to speed up our time to gain more on a difficult question, later.

We certaily set up various % in order to try to find a value.

basically the list price is L and we buy it for a certain % less 20, 30, 5, or else and the same for y

For instance: if X is 15% less we know straight that L is 0.85 and so on.

BUT at a closer look and inspection we do not have a numerical value, what I call an "anchor point" to work with.....

So the Answer must be E without set up anything.

E is the answer and move on..........
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Re: A retailer purchased a television set for x percent less than its list [#permalink] New post  25 Dec 2013, 11:11
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The question asks for the list price. We will not be able to arrive at this list price unless some price percentage is provided. Both statements provide some percentage value with which we have no clue on the price.
Ex., If the list price were 100, x would be 85; If the list price were 1000, x would be 850. So, there is no price number.

Hence E is the answer.
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Re: A retailer purchased a television set for x percent less than its list [#permalink] New post  25 Dec 2013, 11:53
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Had either of the two statements given information about profit the retailer made, the answer would have been different. Anyways, E must be the answer here.
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Re: A retailer purchased a television set for x percent less than its list [#permalink] New post  Updated on: 02 Feb 2017, 09:39
A retailer purchased a television set for x percent less than its list price, and then sold it for y percent less than its list price. What was the list price of the television set?

(1) x = 15
(2) x - y = 5

Translating question stem into formulas we have (P= purchase price, L = list price, S = selling price):

Clue 1) "purchased a television set for x percent less than its list price"= P = (1 - x/100) * L

Clue 2) "sold it for y percent less than its list price" = S= (1 - y/100) * L

Question L = ?

Unfortunately since we need the concrete value L we need S or P even if we know x, y. Hence E

Imho this question is very easy only if you REALISE, soon enough, that you have 3 unknowns. This means that you have to end up quickly enough with an equation that encapsulates the problem.

Originally posted by Ndkms on 08 Jan 2017, 06:56.
Last edited by Ndkms on 02 Feb 2017, 09:39, edited 1 time in total.
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Re: A retailer purchased a television set for x percent less than its list [#permalink] New post  23 Jan 2017, 09:52
x% less than list price
y% less than list price
1, x = 15
Not sufficient for list price
2, x - y = 5
25 - 20 = 5
15 -10 =5
Insufficient
3, x - y =5
x = 15, y =10
Insufficient no enough data
E
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Re: A retailer purchased a television set for x percent less than its list [#permalink] New post  17 Apr 2018, 23:32
Bunuel wrote:
The Official Guide For GMAT® Quantitative Review, 2ND Edition

A retailer purchased a television set for x percent less than its list price, and then sold it for y percent less than its list price. What was the list price of the television set?

(1) x = 15
(2) x - y = 5


St 1: We need a numerical value of list price, and also we don't know "y". Insufficient

St 2: It gives us the relation between x and y. Insufficient

Combining 1 and 2, we get values of x and y.

we still don't know x% of what and y% of what. Insufficient

Hence (E)
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Re: A retailer purchased a television set for x percent less than its list [#permalink] New post  29 Jan 2023, 16:16
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