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HI,
Nice to be with you on GMAT forum. I have a Q question as follows.
A dealer marks up a merchandise 1.5 times the cost of the merchandise and offers a discount of 20%. After a year the dealer stops giving discount but decreases the marked price by 10% and the cost of the merchandise for the dealer increases by 20%. What is the approximate ratio of the percent profit earned in the beginning to the percent profit earned in the new scenario?
My understanding is as follows:
Since Marked Price=Cost Price+Markup, so here marked price=cost price+1.5 cost price=2.5 cost price. While the answer is marked price=1.5 cost price.
Confusion:
Clearly, my understanding is that the Markup is 1.5 times of Cost Price, while the answer takes Marked Price 1.5 times of Cost Price. But in the question, marked price is not even mentioned. Please help me figure out what "marks up" really means here. I am just confused.
Thanks!
Mary Ma
Nice to be with you on GMAT forum. I have a Q question as follows.
A dealer marks up a merchandise 1.5 times the cost of the merchandise and offers a discount of 20%. After a year the dealer stops giving discount but decreases the marked price by 10% and the cost of the merchandise for the dealer increases by 20%. What is the approximate ratio of the percent profit earned in the beginning to the percent profit earned in the new scenario?
My understanding is as follows:
Since Marked Price=Cost Price+Markup, so here marked price=cost price+1.5 cost price=2.5 cost price. While the answer is marked price=1.5 cost price.
Confusion:
Clearly, my understanding is that the Markup is 1.5 times of Cost Price, while the answer takes Marked Price 1.5 times of Cost Price. But in the question, marked price is not even mentioned. Please help me figure out what "marks up" really means here. I am just confused.
Thanks!
Mary Ma
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