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18 Apr 2022, 02:18
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A
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
35%
(medium)
Question Stats:
68% (01:12) correct
32%
(01:29)
wrong
based on 209
sessions
History
Date
Time
Result
Not Attempted Yet
If a merchant purchased a Boombox CD for \(x\) dollars and resold it for \(y\) dollars, the merchant’s profit was what percent of the purchase price?
(1) \(5y = 6x\)
(2) \(𝑦 − 𝑥 = 0.2 \)
(1) \(5y = 6x\)
(2) \(𝑦 − 𝑥 = 0.2 \)
18 Apr 2022, 03:50
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When seeing questions with profits, revenue or costs, it is a good idea to first identify which is which.
\(revenue=y\)
\(cost=x\)
\(profit=revenue-cost=y-x\)
And what we are looking for is the profit as a percent of the purchase price (cost): \(\frac{y-x}{x}=?\)
(This will a yield a decimal that we can multiply by 100 to get the percent)
Statement 1:
To find the value of an expression with two variables, we usually need two equations. Unless variables can be cancelled out...
Let's rearrange the statement.
\(5y=6x\)
\(y=\frac{6}{5}x\)
If we plug this into the expression we get: \(\frac{\frac{6}{5}x-x}{x}=\frac{\frac{1}{5}x}{x}=\frac{x}{5x}=\frac{1}{5}\)
Aha! The answer is one fifth, the equivalent to 20 %.
SUFFICIENT
Statement 2:
y-x=0.2
This looks familiar!
Let us plug it straight into the expression to see what we get.
\(\frac{y-x}{x}=\frac{0.2}{x}=\frac{1}{5x}\)
We have no way of knowing the answer without knowing the value of x.
INSUFFICIENT
The answer is A.
\(revenue=y\)
\(cost=x\)
\(profit=revenue-cost=y-x\)
And what we are looking for is the profit as a percent of the purchase price (cost): \(\frac{y-x}{x}=?\)
(This will a yield a decimal that we can multiply by 100 to get the percent)
Statement 1:
To find the value of an expression with two variables, we usually need two equations. Unless variables can be cancelled out...
Let's rearrange the statement.
\(5y=6x\)
\(y=\frac{6}{5}x\)
If we plug this into the expression we get: \(\frac{\frac{6}{5}x-x}{x}=\frac{\frac{1}{5}x}{x}=\frac{x}{5x}=\frac{1}{5}\)
Aha! The answer is one fifth, the equivalent to 20 %.
SUFFICIENT
Statement 2:
y-x=0.2
This looks familiar!
Let us plug it straight into the expression to see what we get.
\(\frac{y-x}{x}=\frac{0.2}{x}=\frac{1}{5x}\)
We have no way of knowing the answer without knowing the value of x.
INSUFFICIENT
The answer is A.
25 Jan 2025, 05:38
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A member just gave Kudos to this thread, showing it’s still useful. I’ve bumped it to the top so more people can benefit. Feel free to add your own questions or solutions.
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