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Math Expert V
Joined: 02 Sep 2009
Posts: 58445
If C.P. of 23 books is equal to S.P of 30 books, then your gain or  [#permalink]

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Question Stats: 69% (01:54) correct 31% (02:15) wrong based on 181 sessions

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If C.P. of 23 books is equal to S.P of 30 books, then your gain or loss is ?

a) 23 $$\frac{1}{3}$$ gain %

b) 30 $$\frac{10}{23}$$ loss %

c) 23 $$\frac{1}{3}$$ loss %

d) 30 $$\frac{1}{3}$$ loss %

e) 40 $$\frac{1}{3}$$ loss %

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SVP  Status: The Best Or Nothing
Joined: 27 Dec 2012
Posts: 1749
Location: India
Concentration: General Management, Technology
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Re: If C.P. of 23 books is equal to S.P of 30 books, then your gain or  [#permalink]

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1
Let CP per book = 1

Cost of 23 books = 23

23 is obtained by selling 30 books

So SP per book$$= \frac{23}{30}$$

CP - SP = Loss $$= 1 - \frac{23}{30}$$

$$= \frac{7}{30}$$

Percentage$$= \frac{7}{30} * 100$$

$$= 23 \frac{1}{3}$$ % Loss

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Intern  Joined: 01 Aug 2006
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Re: If C.P. of 23 books is equal to S.P of 30 books, then your gain or  [#permalink]

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C.P. of 23 books is equal to S.P of 30 books

If CP of x items = SP of y items, and if x > y, then profit; if x < y, then loss.
%L= 100 * (y - x)/y = 100 * (7/30) = 23.33%

If C.P. of 30 books is equal to S.P of 23 books: %P = 100 * (x - y)/y = 100 *(7/23) = 30.4%
Manager  B
Joined: 27 May 2014
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Re: If C.P. of 23 books is equal to S.P of 30 books, then your gain or  [#permalink]

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What am I doing wrong: say selling price is equal to $1 per book. 30 book is$30.

Cost per book assuming cost of 23 is equal to selling price. 30/23 = 1.3. 1.3x30 391.

30-39.1/30 =30.333
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Re: If C.P. of 23 books is equal to S.P of 30 books, then your gain or  [#permalink]

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bankerboy30 wrote:
What am I doing wrong: say selling price is equal to $1 per book. 30 book is$30.

Cost per book assuming cost of 23 is equal to selling price. 30/23 = 1.3. 1.3x30 391.

30-39.1/30 =30.333

For 1 quantity, if selling Price = 1

then cost Price would be$$= \frac{30}{23}$$

Loss = Cost Price - Selling Price

$$= \frac{30}{23} - 1$$

$$= \frac{7}{23}$$

$$\frac{7}{23}$$ loss is achieved on CP of $$\frac{30}{23}$$

So, percentage loss would be

$$= \frac{\frac{7}{23}}{\frac{30}{23}} * 100$$

$$=\frac{7}{23} * \frac{23}{30} * 100$$

$$= \frac{700}{30}$$

$$= 23 \frac{1}{3}% Loss$$
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Re: If C.P. of 23 books is equal to S.P of 30 books, then your gain or  [#permalink]

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Bunuel wrote:
If C.P. of 23 books is equal to S.P of 30 books, then your gain or loss is ?

a) 23 $$\frac{1}{3}$$ gain %

b) 30 $$\frac{10}{23}$$ loss %

c) 23 $$\frac{1}{3}$$ loss %

d) 30 $$\frac{1}{3}$$ loss %

e) 40 $$\frac{1}{3}$$ loss %

Say the cost price of 23 books is $23 so$1 for a book.

The cost of 30 books would be $30, and the selling price of 30 books would be 23$, hence the loss = ($30 -$23)/$30 = ~23.3%. Answer: C. _________________ Board of Directors D Status: QA & VA Forum Moderator Joined: 11 Jun 2011 Posts: 4774 Location: India GPA: 3.5 WE: Business Development (Commercial Banking) Re: If C.P. of 23 books is equal to S.P of 30 books, then your gain or [#permalink] Show Tags Bunuel wrote: If C.P. of 23 books is equal to S.P of 30 books, then your gain or loss is ? a) 23 $$\frac{1}{3}$$ gain % b) 30 $$\frac{10}{23}$$ loss % c) 23 $$\frac{1}{3}$$ loss % d) 30 $$\frac{1}{3}$$ loss % e) 40 $$\frac{1}{3}$$ loss % Let CP of 23 book = SP of 30 Books = 690 So, CP of 1 book is 30 & SP of 1 book is 23 Thus Loss % $$= \frac{( 30 - 23 )}{30}*100$$ Or, Loss % $$= \frac{7}{30}*100$$ Or, Loss % $$=23 \frac{1}{3}$$% Hence, answer will be (C) _________________ Thanks and Regards Abhishek.... PLEASE FOLLOW THE RULES FOR POSTING IN QA AND VA FORUM AND USE SEARCH FUNCTION BEFORE POSTING NEW QUESTIONS How to use Search Function in GMAT Club | Rules for Posting in QA forum | Writing Mathematical Formulas |Rules for Posting in VA forum | Request Expert's Reply ( VA Forum Only ) Target Test Prep Representative D Status: Founder & CEO Affiliations: Target Test Prep Joined: 14 Oct 2015 Posts: 8109 Location: United States (CA) Re: If C.P. of 23 books is equal to S.P of 30 books, then your gain or [#permalink] Show Tags 2 Bunuel wrote: If C.P. of 23 books is equal to S.P of 30 books, then your gain or loss is ? a) 23 $$\frac{1}{3}$$ gain % b) 30 $$\frac{10}{23}$$ loss % c) 23 $$\frac{1}{3}$$ loss % d) 30 $$\frac{1}{3}$$ loss % e) 40 $$\frac{1}{3}$$ loss % We are given that the cost of 23 books is equal to the revenue of 30 books. If we let the cost per book = c and the revenue per book = r, we have: 23c = 30r c = 30r/23 Percentage profit = (r - c)/c x 100 (r - 30r/23)/30r/23 x 100 (23r/23 - 30r/23)/30r/23 x 100 (-7r/23)/30r/23 x 100 (-7r x 23)/(23 x 30r) x 100 -7/30 x 100 = -0.2333 x 100 = 23 ⅓ loss. Answer: C _________________ Scott Woodbury-Stewart Founder and CEO Scott@TargetTestPrep.com See why Target Test Prep is the top rated GMAT quant course on GMAT Club. Read Our Reviews If you find one of my posts helpful, please take a moment to click on the "Kudos" button. Manager  B Joined: 11 Feb 2017 Posts: 182 Re: If C.P. of 23 books is equal to S.P of 30 books, then your gain or [#permalink] Show Tags Bunuel wrote: Bunuel wrote: If C.P. of 23 books is equal to S.P of 30 books, then your gain or loss is ? a) 23 $$\frac{1}{3}$$ gain % b) 30 $$\frac{10}{23}$$ loss % c) 23 $$\frac{1}{3}$$ loss % d) 30 $$\frac{1}{3}$$ loss % e) 40 $$\frac{1}{3}$$ loss % Say the cost price of 23 books is$23 so $1 for a book. The cost of 30 books would be$30, and the selling price of 30 books would be 23$, hence the loss = ($30 - $23)/$30 = ~23.3%.

Hi, I saw the formula for Loss % = ( Loss/ C.P ) * 100
but you have taken SP in the above formula used in question....can you suggest me how to use which one?

Thanks
Math Expert V
Joined: 02 Sep 2009
Posts: 58445
Re: If C.P. of 23 books is equal to S.P of 30 books, then your gain or  [#permalink]

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rocko911 wrote:
Bunuel wrote:
Bunuel wrote:
If C.P. of 23 books is equal to S.P of 30 books, then your gain or loss is ?

a) 23 $$\frac{1}{3}$$ gain %

b) 30 $$\frac{10}{23}$$ loss %

c) 23 $$\frac{1}{3}$$ loss %

d) 30 $$\frac{1}{3}$$ loss %

e) 40 $$\frac{1}{3}$$ loss %

Say the cost price of 23 books is $23 so$1 for a book.

The cost of 30 books would be $30, and the selling price of 30 books would be 23$, hence the loss = ($30 -$23)/$30 = ~23.3%. Hi, I saw the formula for Loss % = ( Loss/ C.P ) * 100 but you have taken SP in the above formula used in question....can you suggest me how to use which one? Thanks Where do you see that? Solutions above use the same formula you mention. _________________ Retired Moderator P Joined: 22 Aug 2013 Posts: 1428 Location: India Re: If C.P. of 23 books is equal to S.P of 30 books, then your gain or [#permalink] Show Tags We could also do this question as follows: (by taking ratio of CP : SP.. because if we have their ratio, we can easily answer with profit/loss %) CP of 23 books = SP of 30 books Or CP*23 = SP*30 Thus, CP/SP = 30/23 Now we have the ratio. We can take CP=30 and SP=23. So this is a loss of 7 over 30 Thus loss% = 7/30 * 100 = 70/3 % or 23 1/3% loss Hence option C is answer Manager  B Joined: 21 Feb 2017 Posts: 71 Re: If C.P. of 23 books is equal to S.P of 30 books, then your gain or [#permalink] Show Tags shreyas wrote: C.P. of 23 books is equal to S.P of 30 books If CP of x items = SP of y items, and if x > y, then profit; if x < y, then loss. %L= 100 * (y - x)/y = 100 * (7/30) = 23.33% If C.P. of 30 books is equal to S.P of 23 books: %P = 100 * (x - y)/y = 100 *(7/23) = 30.4% Hi, is this formula still valid if we are given "S.P. of x items = C.P. of y items" ? Thanks. Sent from my XT1663 using GMAT Club Forum mobile app Manager  B Joined: 11 Feb 2017 Posts: 182 Re: If C.P. of 23 books is equal to S.P of 30 books, then your gain or [#permalink] Show Tags Bunuel wrote: rocko911 wrote: Bunuel wrote: If C.P. of 23 books is equal to S.P of 30 books, then your gain or loss is ? a) 23 $$\frac{1}{3}$$ gain % b) 30 $$\frac{10}{23}$$ loss % c) 23 $$\frac{1}{3}$$ loss % d) 30 $$\frac{1}{3}$$ loss % e) 40 $$\frac{1}{3}$$ loss % Say the cost price of 23 books is$23 so $1 for a book. The cost of 30 books would be$30, and the selling price of 30 books would be 23$, hence the loss = ($30 - $23)/$30 = ~23.3%.

Hi, I saw the formula for Loss % = ( Loss/ C.P ) * 100
but you have taken SP in the above formula used in question....can you suggest me how to use which one?

Thanks

Where do you see that? Solutions above use the same formula you mention.[/quote]

Sorry but Im bit confused in it....

if I bought 24 books then

The CP of 24 books will be 24$and decided to sell few more books with those 24 books...So total 30 books The SP of 30 books will be 24$

As mentioned in question.
The CP of 24 books is 24$and we sold 30 books in 24$

if we would have sold those books in 30\$ THEN we would be in no losss or gain(But we didnt do that)

then formula must use

Loss = 30-24 = 6
CP = 24 (this is the amount in which we bought 24 books)

loss % = (6/24) * 100

Manager  B
Joined: 21 Feb 2017
Posts: 71
Re: If C.P. of 23 books is equal to S.P of 30 books, then your gain or  [#permalink]

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goalMBA1990 wrote:
shreyas wrote:
C.P. of 23 books is equal to S.P of 30 books

If CP of x items = SP of y items, and if x > y, then profit; if x < y, then loss.
%L= 100 * (y - x)/y = 100 * (7/30) = 23.33%

If C.P. of 30 books is equal to S.P of 23 books: %P = 100 * (x - y)/y = 100 *(7/23) = 30.4%

Hi, is this formula still valid if we are given "S.P. of x items = C.P. of y items" ?

Thanks.

Sent from my XT1663 using GMAT Club Forum mobile app

Can any expert please confirm and revert about the reverse condition ?

Sent from my XT1663 using GMAT Club Forum mobile app
Retired Moderator P
Joined: 22 Aug 2013
Posts: 1428
Location: India
Re: If C.P. of 23 books is equal to S.P of 30 books, then your gain or  [#permalink]

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1
goalMBA1990 wrote:
goalMBA1990 wrote:
shreyas wrote:
C.P. of 23 books is equal to S.P of 30 books

If CP of x items = SP of y items, and if x > y, then profit; if x < y, then loss.
%L= 100 * (y - x)/y = 100 * (7/30) = 23.33%

If C.P. of 30 books is equal to S.P of 23 books: %P = 100 * (x - y)/y = 100 *(7/23) = 30.4%

Hi, is this formula still valid if we are given "S.P. of x items = C.P. of y items" ?

Thanks.

Sent from my XT1663 using GMAT Club Forum mobile app

Can any expert please confirm and revert about the reverse condition ?

Sent from my XT1663 using GMAT Club Forum mobile app

Hi

Solving such a question is quite simple. All you have to do is take ratio.

So if you are given: SP of x items = CP of y items

Or SP*x = CP*y .. then we have: CP/SP = x/y ..
Ratio of CP/SP is x/y

If y > x then Profit % = (y-x)/x * 100
If y < x then Loss% = (x-y)/x * 100

You will notice that our base is always the value of CP ('x' here).. But in previous reverse condition, base was 'y'

Hope this helps
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Re: If C.P. of 23 books is equal to S.P of 30 books, then your gain or  [#permalink]

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_________________ Re: If C.P. of 23 books is equal to S.P of 30 books, then your gain or   [#permalink] 25 Aug 2019, 07:46
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