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Mr. Ice sells ice cream for $1 each. Mr. Freeze sells a different ice

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Mr. Ice sells ice cream for $1 each. Mr. Freeze sells a different ice  [#permalink]

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New post 31 Aug 2018, 10:22
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Question Stats:

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Mr. Ice sells ice cream for $1 each. Mr. Freeze sells a different ice cream for $3 each. On one Sunday, at the end of the day’s business, Mr Ice had sold three times as many ice creams as Mr Freeze. Interestingly, they had both also made the same amount of profit for that day.

Which of the following can be inferred from the above statements?

(A) The total cost incurred by Mr Freeze for that day was three times that incurred by Mr Ice.

(B) Mr Ice’s ice cream is more popular than Mr. Freeze’s ice cream.

(C) The total cost incurred by Mr Ice for that day was three times that incurred by Mr. Freeze.

(D) Mr Freeze’s ice cream sells in smaller numbers because of its higher selling price.

(E) Both Mr Ice and Mr Freeze incurred the same costs for that day.

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Re: Mr. Ice sells ice cream for $1 each. Mr. Freeze sells a different ice  [#permalink]

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New post 31 Aug 2018, 10:27
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must be E. profit = selling price - cost price. since profit and selling price are same so cost price will also be same.


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Re: Mr. Ice sells ice cream for $1 each. Mr. Freeze sells a different ice  [#permalink]

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New post 31 Aug 2018, 10:33
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E. Since total cost has to be same for both for profits to be the same.
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Re: Mr. Ice sells ice cream for $1 each. Mr. Freeze sells a different ice  [#permalink]

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New post 31 Aug 2018, 11:25
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Given Selling price of I is 1 and S.P. of F is 3.
Assume that Mr. F sold x ice creams then Mr. I must have sold 3x ice creams.
Revenue(Mr. F)= 3x
Revenue(Mr. I)= 3x

So, for profit to be same Cost must be the same.
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Re: Mr. Ice sells ice cream for $1 each. Mr. Freeze sells a different ice  [#permalink]

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New post 31 Aug 2018, 23:56
Why cant we infer D from the statements .The profit is the same for both the sellers , So F must have sold less ice creams than I so that even in spite of having a greater selling price he has the same amounts of profits as I.
Kindly let me know where am I going wrong
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Re: Mr. Ice sells ice cream for $1 each. Mr. Freeze sells a different ice  [#permalink]

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New post 01 Sep 2018, 00:04
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longhaul123 wrote:
Why cant we infer D from the statements .The profit is the same for both the sellers , So F must have sold less ice creams than I so that even in spite of having a greater selling price he has the same amounts of profits as I.
Kindly let me know where am I going wrong


Because it is already mentioned in the premise - "Mr Ice had sold three times as many ice creams as Mr Freeze". There is nothing to infer about. Hence, D is incorrect.
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Re: Mr. Ice sells ice cream for $1 each. Mr. Freeze sells a different ice  [#permalink]

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Re: Mr. Ice sells ice cream for $1 each. Mr. Freeze sells a different ice  [#permalink]

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New post 01 Sep 2018, 08:42
E should be the correct choice as the total selling price and total profit is same,so the cost price will also be same.

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Re: Mr. Ice sells ice cream for $1 each. Mr. Freeze sells a different ice  [#permalink]

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New post 03 Sep 2018, 07:34
+1 for E

profit = selling price - cost price.
since profit and selling price are equal so cost price should be same.

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Re: Mr. Ice sells ice cream for $1 each. Mr. Freeze sells a different ice &nbs [#permalink] 03 Sep 2018, 07:34
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