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Re: A store was selling beans at a profit of 20%, but the weighing machine [#permalink]
ThatDudeKnows wrote:
Bunuel wrote:
A store was selling beans at a profit of 20%, but the weighing machine was broken and showed 950 grams for 1 kilogram. What is the store's actual profit percentage?

A. 10%
B. 14%
C. 16%
D. 19%
E. 26%



KartikSingh09, you're close. However, at no point did we have 1050g on the scale, nor did the scale ever show 1050g. Your numbers worked out in this case, but they wouldn't have if the discrepancy between actual and scale had been much larger than 5%.

Let's say we buy for 1kg is $100 and intend to sell it for $120.
We still bought 1kg for $100 but we sold it for 0.95*120 = $114.
Our profit margin is 14%.

Answer choice B.


ThatDudeKnows In the question, it says that the store was selling beans at 20% profit. In an ideal scenario he'd be selling $100 worth of product (assuming CP of 1kg = $100) at $120, and according to the question, he still believes he's selling at $120, but when he weighs 1 kg of product, the machine will show 950g and he'll add 50g more to make it 1 kg on the machine (I'm assuming he does not know this, else the question won't exist in the first place). So, at $120 he's selling 1.05kg worth of product, hence I changed the CP accordingly.

Can you please let me know how and where I went wrong? and how will the metrics change if the error in the machine would be more?
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Re: A store was selling beans at a profit of 20%, but the weighing machine [#permalink]
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KartikSingh09 wrote:

ThatDudeKnows In the question, it says that the store was selling beans at 20% profit. In an ideal scenario he'd be selling $100 worth of product (assuming CP of 1kg = $100) at $120, and according to the question, he still believes he's selling at $120, but when he weighs 1 kg of product, the machine will show 950g and he'll add 50g more to make it 1 kg on the machine (I'm assuming he does not know this, else the question won't exist in the first place). So, at $120 he's selling 1.05kg worth of product, hence I changed the CP accordingly.

Can you please let me know how and where I went wrong? and how will the metrics change if the error in the machine would be more?


KartikSingh09

When he added the 50g, how did he do that? If he used the same incorrectly-calibrated scale, it was really 47.5g.

However, not even that is correct, as the prompt never tells us that he added anything; it tells us exactly how much was on the scale (1kg) and exactly how much he charged for (0.95kg). When you increase each of those, you change the prompt. You’ve assumed that he was trying to weigh out 1kg, but the prompt doesn’t say that. He wanted to weigh 0.95kg and accidentally gave 1kg instead.

Does that make sense?

Posted from my mobile device
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Re: A store was selling beans at a profit of 20%, but the weighing machine [#permalink]
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Re: A store was selling beans at a profit of 20%, but the weighing machine [#permalink]
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