In the decimal notation of number (2/23)^3. What is the thir

Is there a recommended spot to conceptually study how to approach problems like this?

How to notice these situations and to approximate as Bunuel did, ya know? Is Bunuel's approach the preferred method or is there a "book" approach to these styles of questions?

There can be numerous ways to solve such questions. IMO, Bunuel approach is the best and you should follow that. But, end of the day what strikes you under timed conditions is the what matters. I suggest, to develop acumen for such questions, follow Bunuel and understand his approach for every question he responds to. 90% of times you will find that he has solved the questions in a much easier way. Initially, you will find his approach too hard to digest, but when you keep on seeing his methods, you will probably start thinking on the same lines.

Hope it helps!

I got stuck and just couldn't find the shortcut to this question so I just tried the dumb method of doing long division. 23^3 took me 10 seconds, 2^3 was memorized. As soon as I tried long division of 8/12167, I figured out the trick. There were a lot of zeros before I could reach a number large enough to be divided by 12167 even once.

For anyone who still don't get it, just try solving the problem the dumb way by finding the numerator, denominator, and then doing long division. This question is one of those questions that you just have to start doing to understand what the "trick" is.

Didn't get this at all:
"since \((\frac{2}{23})^3<0.001\), then the third digit to the right of the decimal point of \((\frac{2}{23})^3\) is 0.
"

How can you say that just because it is 1 in another case, it will be 0 in another number which is shorter? I am missing something.
Can you please explain in detail? Thanks.

Check any positive number less than 0.001. You'll see that the third digit to the right of the decimal point will be 0.

Explanation by Claudio Hurtado, GMAT QUANT Tutor:
We must devise a strategy that allows us, through bounding or another method, to draw a conclusion in order to choose the correct alternative.

Do you have any ideas? Take 3 minutes to come up with something, don’t be afraid, it doesn’t matter if you’re wrong, dare to try.

Alright, we can compare the given expression with a similar but more manageable one.

Do you see it? Take 2 more minutes and try to identify it.
Excellent, if we compare (2/23)^3 with (2/20)^3, what do you notice?

Yes, the second expression (2/20)^3 is greater than the first (2/23)^3.
Now, calculate (2/20)^3 and tell me the decimal it yields.

Notice that (2/20)^3=(1/20)^3, (2/20)^3=(1/10)3 why is that?
Very good, (2/20)^3=(1/10)^3= 0.001.

With what you have discovered so far, are you able to give an answer to the question? Take 2 minutes.
Alright, given that (2/23)^3<0.001, the third digit of (2/23)^3 must be less than 1 (and thus, there is only one possibility; the third digit of (2/23)^3 must be zero).

If you arrived at the answer, CONGRATULATIONS! If not, keep practising.