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Bunuel
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A quick question on the answer:

It is not given that a and b are integers only,
For statement-2, a can also be 3 and b can be 3/2 which gives 1/a + 1/b = 1, this also supports a>b and b<2, this will make statement 2 as insufficient due to multiple solutions of b = 2, 3/2.

Please let me know if I missed anything important here.

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Let's contribute my first two cents to the GMAT forum:

(I)
1/a>1/2 (multiplying each term by (-1)),
a<2.
If a <2, then b should also be less than 2 because b<a. Sufficient

(II)
1/a+1/b=1
1/b=1-1/a
1/b=(a-1)/a
b= a/a-1. Also, it is know that a>0
Evaluating possible solutions to the equation:
1) If 0<a<1 --> a-1<0
b=a/(a-1)=(positive number)/(negative number)=negative number. This is not acceptable because b>0. Case not considered.
2) If a=1 --> a-1=0
b=a/(a-1) = 1/0. This is not acceptable due to division by 0 is undefined. Case not considered.
3) If 1<a<2 --> 0<a-1<1--> undefined>1/(a-1)>1--->undefined>a/(a-1)>2
This is not acceptable because b>2>a contradicts the premise a>b>0. Case not considered.
4) If a=2 --> a-1=1
b=a/(a-1) = 2/1=2. This is not acceptable because b=a=2 contradicts the premise a>b>0. Case not considered.
5) If a>2 --> a-1>1 -->1<b=a/(a-1)<2
Every number divided by its preceding number is less than 2 and greater than 1, for example: 3/2=1.5, 4/3 = 1.33, 5/4=1.25 and so on. The same rules apply to non-integers numbers, for example (=1)1.5/1.5<2.5/1.5<3/1.5(=2).
Therefore, the only possible solution is case 5 when a>b>0 and b>2. Suficient

Answer D­
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