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Gasoline retail prices are directly proportional to the price of ...

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Gasoline retail prices are directly proportional to the price of ... [#permalink]

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New post 24 Oct 2017, 07:48
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Gasoline retail prices are directly proportional to the price of crude oil per barrel. Last week, gasoline prices averaged $3.24 per gallon. On February 21, 2008, when crude oil price per barrel touched triple digits($) for the first time in history, the average retail price of gasoline was $3.13 per gallon.

Which of the following must be true if the information above is true?

A) Crude Oil Price last week per barrel was at least $100.
B) Crude Oil prices today are higher than what they were on February 21, 2008.
C) There have been only two instances in history when crude oil prices exceeded $100 per barrel.
D) Price of gasoline per gallon was higher last week than the week before
E) Before February 21, 2008, the price of gasoline per gallon was lower than $3.00.
[Reveal] Spoiler: OA

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Re: Gasoline retail prices are directly proportional to the price of ... [#permalink]

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New post 24 Oct 2017, 08:32
Correct answer is A.
B: no information for today's price
C: there might be more than 2 instances... So incorrect
D: no info regarding the week before the last week
E: can't be inferred from the stimulus

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Re: Gasoline retail prices are directly proportional to the price of ... [#permalink]

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New post 26 Oct 2017, 05:50
But the premises states that "On February 21, 2008, when crude oil price per barrel touched triple digits($) for the first time in history". So how can Crude Oil Price last week per barrel was at least $100?

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New post 26 Oct 2017, 06:19
ashikshetty wrote:
But the premises states that "On February 21, 2008, when crude oil price per barrel touched triple digits($) for the first time in history". So how can Crude Oil Price last week per barrel was at least $100?



hi..

It is given that gasoline prices are DIRECTLY proportional to crude oil price per barrel..

In 2008, the the average retail price of gasoline was $3.13 per gallon meant the "crude oil price per barrel touched triple digits($) for the first time in history".
But last week the average price was HIGHER than even 3.13, so the crude oil price would be higher than that in 2008 THAT is atleast 100..
so A is correct

hope it helps
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Gasoline retail prices are directly proportional to the price of ... [#permalink]

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New post 26 Oct 2017, 11:34
Gasoline retail prices are directly proportional to the price of crude oil per barrel. Last week, gasoline prices averaged $3.24 per gallon. On February 21, 2008, when crude oil price per barrel touched triple digits($) for the first time in history, the average retail price of gasoline was $3.13 per gallon.

Which of the following must be true if the information above is true?

A) Crude Oil Price last week per barrel was at least $100.
B) Crude Oil prices today are higher than what they were on February 21, 2008.
C) There have been only two instances in history when crude oil prices exceeded $100 per barrel.
D) Price of gasoline per gallon was higher last week than the week before
E) Before February 21, 2008, the price of gasoline per gallon was lower than $3.00.

How do we eliminate option B?
A and B both can be inferred from the passage.

A is directly inferable from the passage. However, since the prices of oil are directly proportional to those of gasoline, the price last week of crude oil should be greater than the price on 21 Feb 2008 since the price of gasoline last week is greater than the price of gasoline on 28 Feb 2008.

Please throw some light!
Regards

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Re: Gasoline retail prices are directly proportional to the price of ... [#permalink]

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New post 26 Oct 2017, 13:05
gmatexam439 wrote:
Gasoline retail prices are directly proportional to the price of crude oil per barrel. Last week, gasoline prices averaged $3.24 per gallon. On February 21, 2008, when crude oil price per barrel touched triple digits($) for the first time in history, the average retail price of gasoline was $3.13 per gallon.

Which of the following must be true if the information above is true?

A) Crude Oil Price last week per barrel was at least $100.
B) Crude Oil prices today are higher than what they were on February 21, 2008.
C) There have been only two instances in history when crude oil prices exceeded $100 per barrel.
D) Price of gasoline per gallon was higher last week than the week before
E) Before February 21, 2008, the price of gasoline per gallon was lower than $3.00.

How do we eliminate option B?
A and B both can be inferred from the passage.

A is directly inferable from the passage. However, since the prices of oil are directly proportional to those of gasoline, the price last week of crude oil should be greater than the price on 21 Feb 2008 since the price of gasoline last week is greater than the price of gasoline on 28 Feb 2008.

Please throw some light!
Regards


This is a must be true question. How can we infer anything about the price of gasoline today? Must it be true that gasoline prices today are greater than they were on Feb 21, 2008? Can the price today not be lower or equal? Since there is reasonable doubt, answer choice B cannot be the correct answer.
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Re: Gasoline retail prices are directly proportional to the price of ... [#permalink]

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New post 26 Oct 2017, 13:15
sasyaharry wrote:
gmatexam439 wrote:
Gasoline retail prices are directly proportional to the price of crude oil per barrel. Last week, gasoline prices averaged $3.24 per gallon. On February 21, 2008, when crude oil price per barrel touched triple digits($) for the first time in history, the average retail price of gasoline was $3.13 per gallon.

Which of the following must be true if the information above is true?

A) Crude Oil Price last week per barrel was at least $100.
B) Crude Oil prices today are higher than what they were on February 21, 2008.
C) There have been only two instances in history when crude oil prices exceeded $100 per barrel.
D) Price of gasoline per gallon was higher last week than the week before
E) Before February 21, 2008, the price of gasoline per gallon was lower than $3.00.

How do we eliminate option B?
A and B both can be inferred from the passage.

A is directly inferable from the passage. However, since the prices of oil are directly proportional to those of gasoline, the price last week of crude oil should be greater than the price on 21 Feb 2008 since the price of gasoline last week is greater than the price of gasoline on 28 Feb 2008.

Please throw some light!
Regards


This is a must be true question. How can we infer anything about the price of gasoline today? Must it be true that gasoline prices today are greater than they were on Feb 21, 2008? Can the price today not be lower or equal? Since there is reasonable doubt, answer choice B cannot be the correct answer.


The crude oil price must be greater than the price in Feb 2008. We have been given a mathematical relationship here that the price of crude oil is directly proportional to that of gasoline. Thus if the price of gasoline increases the price of crude oil also MUST increase.

Any thoughts?
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Re: Gasoline retail prices are directly proportional to the price of ... [#permalink]

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New post 26 Oct 2017, 16:59
gmatexam439 wrote:
sasyaharry wrote:
gmatexam439 wrote:
Gasoline retail prices are directly proportional to the price of crude oil per barrel. Last week, gasoline prices averaged $3.24 per gallon. On February 21, 2008, when crude oil price per barrel touched triple digits($) for the first time in history, the average retail price of gasoline was $3.13 per gallon.

Which of the following must be true if the information above is true?

A) Crude Oil Price last week per barrel was at least $100.
B) Crude Oil prices today are higher than what they were on February 21, 2008.
C) There have been only two instances in history when crude oil prices exceeded $100 per barrel.
D) Price of gasoline per gallon was higher last week than the week before
E) Before February 21, 2008, the price of gasoline per gallon was lower than $3.00.

How do we eliminate option B?
A and B both can be inferred from the passage.

A is directly inferable from the passage. However, since the prices of oil are directly proportional to those of gasoline, the price last week of crude oil should be greater than the price on 21 Feb 2008 since the price of gasoline last week is greater than the price of gasoline on 28 Feb 2008.

Please throw some light!
Regards


This is a must be true question. How can we infer anything about the price of gasoline today? Must it be true that gasoline prices today are greater than they were on Feb 21, 2008? Can the price today not be lower or equal? Since there is reasonable doubt, answer choice B cannot be the correct answer.


The crude oil price must be greater than the price in Feb 2008. We have been given a mathematical relationship here that the price of crude oil is directly proportional to that of gasoline. Thus if the price of gasoline increases the price of crude oil also MUST increase.

Any thoughts?


Wait, wasn't your question about eliminating choice B? If yes, then didn't my earlier explanation help? Again, last week the price of gasoline was at least 100, maybe more but today, nobody knows.
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Gasoline retail prices are directly proportional to the price of ... [#permalink]

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New post 27 Oct 2017, 01:05
sasyaharry wrote:
Wait, wasn't your question about eliminating choice B? If yes, then didn't my earlier explanation help? Again, last week the price of gasoline was at least 100, maybe more but today, nobody knows.


Yes, but if I can infer information present in both the options -A & B- then how can i eliminate either of them.

Again I will repeat, prices are directly correlated --> this means that if the gasoline's price increases then price of oil HAS TO increase.

Let's take a look at the information given in the passage in a better way below:
gas price feb 2008 -->3.13
gas price last week --> 3.24 --------> THERE IS AN INCREASE (NO MATTER HOW SMALL, BUT THERE IS AN INCREASE)

oil price 2008 ---> atleast 100
oil price last week ---> will be atleast 100 BUT GREATER THAN THE VALUE IN FEB SINCE THERE IS AN INCREASE IN GAS PRICE.

Thus both A and B can be inferred. We need not know the exact oil prices in order to infer the information present in option B.

Any further thoughts?
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Gasoline retail prices are directly proportional to the price of ... [#permalink]

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New post 27 Oct 2017, 08:43
gmatexam439 wrote:
sasyaharry wrote:
Wait, wasn't your question about eliminating choice B? If yes, then didn't my earlier explanation help? Again, last week the price of gasoline was at least 100, maybe more but today, nobody knows.


Yes, but if I can infer information present in both the options -A & B- then how can i eliminate either of them.

Again I will repeat, prices are directly correlated --> this means that if the gasoline's price increases then price of oil HAS TO increase.

Let's take a look at the information given in the passage in a better way below:
gas price feb 2008 -->3.13
gas price last week --> 3.24 --------> THERE IS AN INCREASE (NO MATTER HOW SMALL, BUT THERE IS AN INCREASE)

oil price 2008 ---> atleast 100
oil price last week ---> will be atleast 100 BUT GREATER THAN THE VALUE IN FEB SINCE THERE IS AN INCREASE IN GAS PRICE.

Thus both A and B can be inferred. We need not know the exact oil prices in order to infer the information present in option B.

Any further thoughts?


We are now officially beating around the bush.

There is nothing in the passage that can help you infer the price of oil price today. I agree that last week it was at least $100 but how did you infer that oil price today is higher than Feb 21, 2008?????
There could have been a 10% drop in oil price before market opened today and this new price is below the price of Feb 21, 2008. How do you know the oil price today?
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Re: Gasoline retail prices are directly proportional to the price of ... [#permalink]

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New post 27 Oct 2017, 09:45
sasyaharry wrote:
gmatexam439 wrote:
sasyaharry wrote:
Wait, wasn't your question about eliminating choice B? If yes, then didn't my earlier explanation help? Again, last week the price of gasoline was at least 100, maybe more but today, nobody knows.


Yes, but if I can infer information present in both the options -A & B- then how can i eliminate either of them.

Again I will repeat, prices are directly correlated --> this means that if the gasoline's price increases then price of oil HAS TO increase.

Let's take a look at the information given in the passage in a better way below:
gas price feb 2008 -->3.13
gas price last week --> 3.24 --------> THERE IS AN INCREASE (NO MATTER HOW SMALL, BUT THERE IS AN INCREASE)

oil price 2008 ---> atleast 100
oil price last week ---> will be atleast 100 BUT GREATER THAN THE VALUE IN FEB SINCE THERE IS AN INCREASE IN GAS PRICE.

Thus both A and B can be inferred. We need not know the exact oil prices in order to infer the information present in option B.

Any further thoughts?


We are now officially beating around the bush.

There is nothing in the passage that can help you infer the price of oil price today. I agree that last week it was at least $100 but how did you infer that oil price today is higher than Feb 21, 2008?????
There could have been a 10% drop in oil price before market opened today and this new price is below the price of Feb 21, 2008. How do you know the oil price today?


Damn!!! I am really sorry. Untill now i read the option B wrongly. I was thinking that the option is talking about the "last week" price of oil !!!!!!!!!!!!!!!!!!!!!
Its a straight NO for B!!

Regards
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Re: Gasoline retail prices are directly proportional to the price of ... [#permalink]

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New post 04 Nov 2017, 05:10
gmatexam439 wrote:

Damn!!! I am really sorry. Untill now i read the option B wrongly. I was thinking that the option is talking about the "last week" price of oil !!!!!!!!!!!!!!!!!!!!!
Its a straight NO for B!!

Regards


Great inference question. I, too, thought A and B were both provable until I re-read the question. Glad you caught your mistake, gmatexam439!
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New post 04 Nov 2017, 06:46
nightblade354 wrote:
gmatexam439 wrote:

Damn!!! I am really sorry. Untill now i read the option B wrongly. I was thinking that the option is talking about the "last week" price of oil !!!!!!!!!!!!!!!!!!!!!
Its a straight NO for B!!

Regards


Great inference question. I, too, thought A and B were both provable until I re-read the question. Glad you caught your mistake, gmatexam439!


Yea. A really good question indeed brother !!
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Re: Gasoline retail prices are directly proportional to the price of ...   [#permalink] 04 Nov 2017, 06:46
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