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Dhairya275
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If the price of a chocolate bar is doubled 12 Sep 2013, 13:16
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C
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69% (01:16) correct 31% (01:21) wrong based on 319 sessions

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If the price of a chocolate bar is doubled, by what percent will sales (quantity sold) of the chocolate bar decrease?

(1) For every 15 cent increase in price, the sales (quantity sold) will decrease by 10%

(2) Each chocolate bar now costs 99 cents

The QA seems wrong to me !! or am i wrong ?
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C
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Bunuel
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If the price of a chocolate bar is doubled 12 Sep 2013, 13:29
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If the price of a chocolate bar is doubled, by what percent will sales (quantity sold) of the chocolate bar decrease?

(1) For every 15 cent increase in price, the sales (quantity sold) will decrease by 10%. We don't know the price of the bar. Not sufficient.

(2) Each chocolate bar now costs 99 cents. We don't know how increase in price affects the quantity sold. Not sufficient.

(1)+(2) If we double the price it'll increase by 99 cents, so the sales must decrease by 99/15*10=66%. Sufficient.

Answer: C.

Does this make sense?
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If the price of a chocolate bar is doubled 12 Sep 2013, 13:50
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Thank you Bunuel !! i guess i was sleeping while doing the question.

I kept on reading 15 PERCENT rather than 15 CENT in statement 1.
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If the price of a chocolate bar is doubled 25 Oct 2013, 04:21
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Bunuel
If the price of a chocolate bar is doubled, by what percent will sales (quantity sold) of the chocolate bar decrease?

(1) For every 15 cent increase in price, the sales (quantity sold) will decrease by 10%. We don't know the price of the bar. Not sufficient.

(2) Each chocolate bar now costs 99 cents. We don't know how increase in price affects the quantity sold. Not sufficient.

(1)+(2) If we double the price it'll increase by 99 cents, so the sales must decrease by 99/15*10=66%. Sufficient.

Answer: C.

Does this make sense?
Show more

sorry !
Although got the answer as C still can't understand how we get 66%.

after doubling the price becomes 99 cents so initially the price was 49.5 cents
now it says for every 15 cent increase the price decreased by 10 %

so a total increase of 49.5 cents took place, how many 15 cents increases are there?

so 49.5/15 = 3.3


meaning after 1st 15 cent increase price becomes 49.5 +15 = 64.5 and sales decreases by 10 %
after second 15 cent increase price becomes 79.5 and sales decreases by another 10 %
after third 15 cent increase price becomes 94.5 and sales decreases by another 10%
for the remaining 4.5 cents increase sales will decrease by less than 10 %

So I was expecting that sales would decrease by something between 30% - 35% .

What am I doing wrong ?
Thank you
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If the price of a chocolate bar is doubled 25 Oct 2013, 04:26
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Bunuel
If the price of a chocolate bar is doubled, by what percent will sales (quantity sold) of the chocolate bar decrease?

(1) For every 15 cent increase in price, the sales (quantity sold) will decrease by 10%. We don't know the price of the bar. Not sufficient.

(2) We don't know how increase in price affects the quantity sold. Not sufficient.

(1)+(2) If we double the price it'll increase by 99 cents, so the sales must decrease by 99/15*10=66%. Sufficient.

Answer: C.

Does this make sense?

sorry !
Although got the answer as C still can't understand how we get 66%.

after doubling the price becomes 99 cents so initially the price was 49.5 cents
now it says for every 15 cent increase the price decreased by 10 %

so a total increase of 49.5 cents took place, how many 15 cents increases are there?

so 49.5/15 = 3.3


meaning after 1st 15 cent increase price becomes 49.5 +15 = 64.5 and sales decreases by 10 %
after second 15 cent increase price becomes 79.5 and sales decreases by another 10 %
after third 15 cent increase price becomes 94.5 and sales decreases by another 10%
for the remaining 4.5 cents increase sales will decrease by less than 10 %

So I was expecting that sales would decrease by something between 30% - 35% .

What am I doing wrong ?
Thank you
Show more

Please read carefully: each chocolate bar now costs 99 cents. If we double the price it'll become 99*2=198 cents.
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If the price of a chocolate bar is doubled 25 Oct 2013, 04:36
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Bunuel
If the price of a chocolate bar is doubled, by what percent will sales (quantity sold) of the chocolate bar decrease?

(1) For every 15 cent increase in price, the sales (quantity sold) will decrease by 10%. We don't know the price of the bar. Not sufficient.

(2) We don't know how increase in price affects the quantity sold. Not sufficient.

(1)+(2) If we double the price it'll increase by 99 cents, so the sales must decrease by 99/15*10=66%. Sufficient.

Answer: C.

Does this make sense?

sorry !
Although got the answer as C still can't understand how we get 66%.

after doubling the price becomes 99 cents so initially the price was 49.5 cents
now it says for every 15 cent increase the price decreased by 10 %

so a total increase of 49.5 cents took place, how many 15 cents increases are there?

so 49.5/15 = 3.3


meaning after 1st 15 cent increase price becomes 49.5 +15 = 64.5 and sales decreases by 10 %
after second 15 cent increase price becomes 79.5 and sales decreases by another 10 %
after third 15 cent increase price becomes 94.5 and sales decreases by another 10%
for the remaining 4.5 cents increase sales will decrease by less than 10 %

So I was expecting that sales would decrease by something between 30% - 35% .

What am I doing wrong ?
Thank you

Please read carefully: each chocolate bar now costs 99 cents. If we double the price it'll become 99*2=198 cents.
Show more

How do we know that the NOW stands for before doubling and not after doubling.

It would have been clearer if it was mentioned " before the price was doubled each bar cost 99 cents "
the second statement as of now could also imply that after the price is doubled the cost is now 99 cents.
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If the price of a chocolate bar is doubled 25 Oct 2013, 04:48
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Bunuel
stne

sorry !
Although got the answer as C still can't understand how we get 66%.

after doubling the price becomes 99 cents so initially the price was 49.5 cents
now it says for every 15 cent increase the price decreased by 10 %

so a total increase of 49.5 cents took place, how many 15 cents increases are there?

so 49.5/15 = 3.3


meaning after 1st 15 cent increase price becomes 49.5 +15 = 64.5 and sales decreases by 10 %
after second 15 cent increase price becomes 79.5 and sales decreases by another 10 %
after third 15 cent increase price becomes 94.5 and sales decreases by another 10%
for the remaining 4.5 cents increase sales will decrease by less than 10 %

So I was expecting that sales would decrease by something between 30% - 35% .

What am I doing wrong ?
Thank you

Please read carefully: each chocolate bar now costs 99 cents. If we double the price it'll become 99*2=198 cents.

How do we know that the NOW stands for before doubling and not after doubling.

It would have been clearer if it was mentioned " before the price was doubled each bar cost 99 cents "
the second statement as of now would also imply that after the price is doubled the cost is now 99 cents.
Show more

I see what you mean but notice that we are not told that the price IS doubled, we are told that "IF the price of a chocolate bar is doubled".
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If the price of a chocolate bar is doubled 25 Oct 2013, 05:07
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Bunuel

I see what you mean but notice that we are not the price IS doubled, we are told that "IF the price of a chocolate bar is doubled".
Show more
Correct ! after in dept introspection , NOW does seem to apply before the price was increased, Thank you for clearing that.

How ever I am not able to understand the concept behind \(\frac{99}{15*10}\)

how are we calculating the percent decrease for the remaining 9 cents.?

for the 90 cents 60 % decrease is OK , but I am struggling to understand how we are dividing by 10?

Could use a little help here.

Thank you
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If the price of a chocolate bar is doubled 25 Oct 2013, 07:23
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Bunuel

I see what you mean but notice that we are not the price IS doubled, we are told that "IF the price of a chocolate bar is doubled".
Correct ! after in dept introspection , NOW does seem to apply before the price was increased, Thank you for clearing that.

How ever I am not able to understand the concept behind \(\frac{99}{15*10}\)

how are we calculating the percent decrease for the remaining 9 cents.?

for the 90 cents 60 % decrease is OK , but I am struggling to understand how we are dividing by 10?

Could use a little help here.

Thank you
Show more

Please read carefully. We are not dividing by 10. It's 99/15*10 not 99/(15*10).

For every 15 cent increase in price, the sales (quantity sold) will decrease by 10%:
If the price increase by 15 cents the sales decrease by 15/15*10=10%.
If the price increase by 30 cents the sales decrease by 30/15*10=20%.
If the price increase by 45 cents the sales decrease by 45/15*10=30%.
...
If the price increase by 99 cents the sales decrease by 99/15*10=66%.

Hope it's clear.
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If the price of a chocolate bar is doubled 25 Oct 2013, 08:25
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Bunuel

I see what you mean but notice that we are not the price IS doubled, we are told that "IF the price of a chocolate bar is doubled".
Correct ! after in dept introspection , NOW does seem to apply before the price was increased, Thank you for clearing that.

How ever I am not able to understand the concept behind \(\frac{99}{15*10}\)

how are we calculating the percent decrease for the remaining 9 cents.?

for the 90 cents 60 % decrease is OK , but I am struggling to understand how we are dividing by 10?

Could use a little help here.

Thank you

Please read carefully. We are not dividing by 10. It's 99/15*10 not 99/(15*10).

For every 15 cent increase in price, the sales (quantity sold) will decrease by 10%:
If the price increase by 15 cents the sales decrease by 15/15*10=10%.
If the price increase by 30 cents the sales decrease by 30/15*10=20%.
If the price increase by 45 cents the sales decrease by 45/15*10=30%.
...
If the price increase by 99 cents the sales decrease by 99/15*10=66%.

Hope it's clear.
Show more

Right ! Thank you +1
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If the price of a chocolate bar is doubled 22 Nov 2016, 18:32
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I chose E because I was not sure the 15¢ increase relating to a 10% decrease in sales was a linear relationship. If we double the price of the chocolate bar we are inducing a price increase of 99¢ which is not divisible by 15¢.

Is it wise to assume cost/change relationships could be presented with the same type of wording in the actual test? I have not come across one worded this way exactly in my practice tests.
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If the price of a chocolate bar is doubled 12 Sep 2024, 10:13
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Dhairya275
If the price of a chocolate bar is doubled, by what percent will sales (quantity sold) of the chocolate bar decrease?

(1) For every 15 cent increase in price, the sales (quantity sold) will decrease by 10%

(2) Each chocolate bar now costs 99 cents

The QA seems wrong to me !! or am i wrong ?
Show more
(1) For every 15 cent increase in price, the sales (quantity sold) will decrease by 10% - Not sufficient since we have no idea how many times we need to increased the cost by 15% to reach double of the cost - Insufficient.
(2) Each chocolate bar now costs 99 cents - Nothing about the relation of sales and cost is given. - Insufficient.

Combining 1 & 2

Let sales = X
Cost of Bar= 99 cents ; Our target to get at = 198 cents
15% increment in Cost = 1.15 * 99 = 113.85,
another increment in cost = 1.15 *113.85 = 130. 92 ==> 1.15 * 130.92=150.56 ===> 150.56 *1.15 =173. 15 ==173.15 * 1.15 ==199 = 5 times increment

Effective sales = (0.9)^5 x = 0.59 x =61% decrease in sale
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