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22 Sep 2017, 18:33
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Hello All GMAT experts,
GMATNinja, bb, Bunuel and all others.
I have a question:
How to increase profit while the sales price stays the same but the cost price goes down?
I have been experimenting with this idea for quit a while and still can not figure out a way to do it.
Maybe my brain is exhausted.
I also searched the GMAT club Quantitative Forum for a couple of night by now to find some, close, examples but have be unsuccessful.
I really need your help and examples if possible.
Respect
Mosa Rahimi
GMAT applicant from Afghanistan.
GMATNinja, bb, Bunuel and all others.
I have a question:
How to increase profit while the sales price stays the same but the cost price goes down?
I have been experimenting with this idea for quit a while and still can not figure out a way to do it.
Maybe my brain is exhausted.
I also searched the GMAT club Quantitative Forum for a couple of night by now to find some, close, examples but have be unsuccessful.
I really need your help and examples if possible.
Respect
Mosa Rahimi
GMAT applicant from Afghanistan.
23 Sep 2017, 11:44
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Hi Heseraj,
By definition, "profit" is the DIFFERENCE between the 'cost' of an item and the 'sell price' of the item. For example, if an item costs you $10 and you sell it for $12, then the profit is...
(Sell price) - (cost) = $12 - $10 = $2 of profit
Since there are two 'pieces' to this equation, you can increase the profit on an item by EITHER raising the sell price OR lowering your initial cost.
In this example, if you increase the sell price to $13, then you can increase the profit...
$13 - $10 = $3 of profit
You could achieve the same level of profit if you could decrease the initial cost (if the initial cost was just $9 instead of $10)....
$12 - $9 = $3 of profit
Beyond the sale of one item, you can also increase OVERALL profit by increasing the number of items sold (at a given profit margin).
GMAT assassins aren't born, they're made,
Rich
By definition, "profit" is the DIFFERENCE between the 'cost' of an item and the 'sell price' of the item. For example, if an item costs you $10 and you sell it for $12, then the profit is...
(Sell price) - (cost) = $12 - $10 = $2 of profit
Since there are two 'pieces' to this equation, you can increase the profit on an item by EITHER raising the sell price OR lowering your initial cost.
In this example, if you increase the sell price to $13, then you can increase the profit...
$13 - $10 = $3 of profit
You could achieve the same level of profit if you could decrease the initial cost (if the initial cost was just $9 instead of $10)....
$12 - $9 = $3 of profit
Beyond the sale of one item, you can also increase OVERALL profit by increasing the number of items sold (at a given profit margin).
GMAT assassins aren't born, they're made,
Rich
23 Sep 2017, 18:51
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Thank you very much for the response. It is very helpful.
However, i was searching within GMAT club to find examples such as the one below:
The sales price has a 10 percent over the cost price. However, after a 10 percent reduction in the cost price, the same sales price of (11/10x) would translate to 20 percent profit. Now if the reduced cost price is equal to 200, what is the sales price?
Can you kindly please provide me an example such as this from GMAT club questions forum, something that i failed to do during last two weeks, so i can digest the concept.
However, i was searching within GMAT club to find examples such as the one below:
The sales price has a 10 percent over the cost price. However, after a 10 percent reduction in the cost price, the same sales price of (11/10x) would translate to 20 percent profit. Now if the reduced cost price is equal to 200, what is the sales price?
Can you kindly please provide me an example such as this from GMAT club questions forum, something that i failed to do during last two weeks, so i can digest the concept.
