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For a certain farm, soybean production increased by 25 percent from ye

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For a certain farm, soybean production increased by 25 percent from ye  [#permalink]

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New post 19 Jul 2018, 23:29
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A
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C
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E

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  35% (medium)

Question Stats:

77% (02:11) correct 23% (02:13) wrong based on 48 sessions

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For a certain farm, soybean production increased by 25 percent from year X to year Y, and the selling price of soybeans decreased by 25 percent from year X to year Y. If the entire soybean production was sold each year, approximately what was the percent change in the revenues from the sale of the soybeans from year X to year Y?

A. 56% decrease
B. 6% decrease
C. no change
D. 6% increase
E. 56% increase

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Re: For a certain farm, soybean production increased by 25 percent from ye  [#permalink]

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New post 19 Jul 2018, 23:43
as answer choices in this question are very far apart , you can easily eliminate some answer choices:
like answer choice C.

now just take value for year x --> production = 100 , price = 100
now for year y ---> production = 100 + 25% of 100 = 125
price = 100 - 25% of 100 = 75

now for x = 10000
and for y = 125 * 75 = 9375 (even you can guess this value will be less than x 120 * 80 = 9600)

now as this won't be half of year x so you can easily tick option B
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Re: For a certain farm, soybean production increased by 25 percent from ye  [#permalink]

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New post 20 Jul 2018, 03:26
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Bunuel wrote:
For a certain farm, soybean production increased by 25 percent from year X to year Y, and the selling price of soybeans decreased by 25 percent from year X to year Y. If the entire soybean production was sold each year, approximately what was the percent change in the revenues from the sale of the soybeans from year X to year Y?


Sales that year = Selling Price that year * Total Production that year
= Selling Price that year * 1.25 * 0.75 * Total Production that year
= 0.94 * Selling Price that year * Total Production that (approx)
= Decrease of 6%

Hence, B.
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Re: For a certain farm, soybean production increased by 25 percent from ye  [#permalink]

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New post 23 Jul 2018, 18:30
Bunuel wrote:
For a certain farm, soybean production increased by 25 percent from year X to year Y, and the selling price of soybeans decreased by 25 percent from year X to year Y. If the entire soybean production was sold each year, approximately what was the percent change in the revenues from the sale of the soybeans from year X to year Y?

A. 56% decrease
B. 6% decrease
C. no change
D. 6% increase
E. 56% increase


We can assume 100 tons of soybeans were produced in year X, and the selling price of soybeans is $100 per ton. So in year Y, the soybean production was 125 tons but the selling price was $75 per ton.

We can see that in year X, the revenue was 100 x 100 = $10,000 and in year Y, the revenue was 125 x 75 = $9,375. We see that this is approximately a 6% decrease (if it were exactly a 6% decrease, the revenue in year Y would be $9,400).

Answer: B
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Re: For a certain farm, soybean production increased by 25 percent from ye &nbs [#permalink] 23 Jul 2018, 18:30
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