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The prices for all kinds of fish sold in Eastville's downtown Old Mark

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The prices for all kinds of fish sold in Eastville's downtown Old Mark  [#permalink]

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New post 09 May 2016, 02:45
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The prices for all kinds of fish sold in Eastville's downtown Old Market are much lower than the prices charged at uptown seafood stores. Old Market vendors buy fish of similar quality from the same wholesalers and at the same prices as uptown vendors do. Therefore, since Old Market fish vendors' businesses are as profitable as those uptown, the volume of the Old Market vendors' daily fish sales must, on average, be higher.

Which of the following, if true, most strengthens the argument given?

A. People who buy fish at Old Market stores generally have lower incomes than do those who buy fish from uptown seafood stores.

B. Some varieties of fish that are not available at Old Market stores can be found occasionally at uptown seafood stores.

C. Vendors at the old Market save on energy costs by keeping fish on ice instead of in refrigerated cases.

D. Many of the people who live in uptown Eastville prefer to buy fish from the neighborhood stores.

E. Fish vendors at the Old Market do not, on average, have lower overhead costs than uptown vendors do.

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Re: The prices for all kinds of fish sold in Eastville's downtown Old Mark  [#permalink]

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New post 09 May 2016, 03:23
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Premise: Prices(fish) at Old Market < Prices(fish) at uptown.
Vendors(Old Market) buy fishes of same quality and at same prices as Vendors(uptown) do.
Profits(Old market vendors) = Profits(uptown vendors)

Conclusion: Quantity of fishes sold at Old Market > Quantity of fishes sold at uptown

Possible Strengthener: Apart from quality and price, old market vendors do not enjoy benefits that help them to keep their prices low and make profits.

A. People who buy fish at Old Market stores generally have lower incomes than do those who buy fish from uptown seafood stores. - Incorrect - No correlation is mentioned between income and buyer sentiments in the argument. Out of context.

B. Some varieties of fish that are not available at Old Market stores can be found occasionally at uptown seafood stores - Incorrect - Mentions that there is a difference in the variety of fishes sold. This is not a strengthener.

C. Vendors at the old Market save on energy costs by keeping fish on ice instead of in refrigerated cases. - Incorrect - Weakener.

D. Many of the people who live in uptown Eastville prefer to buy fish from the neighborhood stores. - Incorrect - Out of context.

E. Fish vendors at the Old Market do not, on average, have lower overhead costs than uptown vendors do. - Correct - This aligns to our strengthener. If fish vendors at old market do not have lower overhead costs than fish vendors at uptown, then old market vendors have to sell more fishes to match the profits of uptown vendors.

Answer: E
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Re: The prices for all kinds of fish sold in Eastville's downtown Old Mark  [#permalink]

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New post 04 Jun 2016, 08:28
Hi,

Thank you for posting such a good question however I cant seem to understand how E is correct , if anyone can please elaborate more.

Thanks
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The prices for all kinds of fish sold in Eastville's downtown Old Mark  [#permalink]

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New post 04 Jun 2016, 15:26
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megha_2709 wrote:
Hi,

Thank you for posting such a good question however I cant seem to understand how E is correct , if anyone can please elaborate more.

Thanks
Megha


Hi Megha

let me try to explain

profit= revenue - expenditure
now as per premise old market prices for all kind of fish are lower, still make equal profit
this can happen in two ways either they make more revenue or they have lower expenditure.
question states that they sell more fish(to make revenue high) so to strengthen this argument expenditure must not be lower, otherwise lower expenditure may be the reason for equal profits and not as stated in question.
that's what option E says

hope it helps
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Re: The prices for all kinds of fish sold in Eastville's downtown Old Mark  [#permalink]

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New post 05 Jun 2016, 00:32
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this is really a good question.

Boiled it down to D and E. hard time thinking on these 2.Eventually thougt of marking E but mistakenly marked D.

Now i understand why D is incorrect as it says people buy from neighbour , but that doesn't mean from downtown or if many downtown people are buying from uptown.

E removes a weakening possibility that overhead cost are same which strethengs the argument more.

if u guys have read powerscore then you would understand what i am saying.(THE CORRECT ANSWER CHOICE HERE IS A DEFENDER,which defends the argument from weakening)

hpe it helps.
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Re: The prices for all kinds of fish sold in Eastville's downtown Old Mark  [#permalink]

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New post 05 Jun 2016, 01:58
tagmag wrote:
megha_2709 wrote:
Hi,

Thank you for posting such a good question however I cant seem to understand how E is correct , if anyone can please elaborate more.

Thanks
Megha


Hi Megha

let me try to explain

profit= revenue - expenditure
now as per premise old market prices for all kind of fish are lower, still make equal profit
this can happen in two ways either they make more revenue or they have lower expenditure.
question states that they sell more fish(to make revenue high) so to strengthen this argument expenditure must not be lower, otherwise lower expenditure may be the reason for equal profits and not as stated in question.
that's what option E says

hope it helps



Thank you for explaining so well :). So less time left in GMAT and I am still getting trapped in incorrect answer choices. :cry: :cry:


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Re: The prices for all kinds of fish sold in Eastville's downtown Old Mark  [#permalink]

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New post 06 Jun 2016, 01:03
shasadou wrote:
The prices for all kinds of fish sold in Eastville's downtown Old Market are much lower than the prices charged at uptown seafood stores. Old Market vendors buy fish of similar quality from the same wholesalers and at the same prices as uptown vendors do. Therefore, since Old Market fish vendors' businesses are as profitable as those uptown, the volume of the Old Market vendors' daily fish sales must, on average, be higher.

Which of the following, if true, most strengthens the argument given?

A. People who buy fish at Old Market stores generally have lower incomes than do those who buy fish from uptown seafood stores.

B. Some varieties of fish that are not available at Old Market stores can be found occasionally at uptown seafood stores.

C. Vendors at the old Market save on energy costs by keeping fish on ice instead of in refrigerated cases.

D. Many of the people who live in uptown Eastville prefer to buy fish from the neighborhood stores.

E. Fish vendors at the Old Market do not, on average, have lower overhead costs than uptown vendors do.


Not sure if E is an assumption because E is not strengthening by any means. Conclusion is that high volume of old market is sold. Assumption is that there is no other way apart from volume to get profits.

So if E is positive---conclusion is +
if E is false---conclusion falls

C says that old market saves on energy which is in favour of old market and thus improves profit.

GMAT gurus.. please acknowledge.
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Re: The prices for all kinds of fish sold in Eastville's downtown Old Mark  [#permalink]

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New post 06 Jun 2016, 08:27
shasadou wrote:
The prices for all kinds of fish sold in Eastville's downtown Old Market are much lower than the prices charged at uptown seafood stores. Old Market vendors buy fish of similar quality from the same wholesalers and at the same prices as uptown vendors do. Therefore, since Old Market fish vendors' businesses are as profitable as those uptown, the volume of the Old Market vendors' daily fish sales must, on average, be higher.

Which of the following, if true, most strengthens the argument given?

A. People who buy fish at Old Market stores generally have lower incomes than do those who buy fish from uptown seafood stores.

B. Some varieties of fish that are not available at Old Market stores can be found occasionally at uptown seafood stores.

C. Vendors at the old Market save on energy costs by keeping fish on ice instead of in refrigerated cases.

D. Many of the people who live in uptown Eastville prefer to buy fish from the neighborhood stores.

E. Fish vendors at the Old Market do not, on average, have lower overhead costs than uptown vendors do.


Uptown vendors- more price, profit equal to DV
downtown vendors- less price, profit equal to UV

Sale of DV> Sale of UV if :-

expenses are same. Because if expenses are same, DV has to sell more fishes to maintain equal profit.

Only option E talks about the equal or higher costs.
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Re: The prices for all kinds of fish sold in Eastville's downtown Old Mark  [#permalink]

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New post 24 Jul 2016, 13:42
RatneshS wrote:
shasadou wrote:
The prices for all kinds of fish sold in Eastville's downtown Old Market are much lower than the prices charged at uptown seafood stores. Old Market vendors buy fish of similar quality from the same wholesalers and at the same prices as uptown vendors do. Therefore, since Old Market fish vendors' businesses are as profitable as those uptown, the volume of the Old Market vendors' daily fish sales must, on average, be higher.

Which of the following, if true, most strengthens the argument given?

A. People who buy fish at Old Market stores generally have lower incomes than do those who buy fish from uptown seafood stores.

B. Some varieties of fish that are not available at Old Market stores can be found occasionally at uptown seafood stores.

C. Vendors at the old Market save on energy costs by keeping fish on ice instead of in refrigerated cases.

D. Many of the people who live in uptown Eastville prefer to buy fish from the neighborhood stores.

E. Fish vendors at the Old Market do not, on average, have lower overhead costs than uptown vendors do.


Not sure if E is an assumption because E is not strengthening by any means. Conclusion is that high volume of old market is sold. Assumption is that there is no other way apart from volume to get profits.

So if E is positive---conclusion is +
if E is false---conclusion falls

C says that old market saves on energy which is in favour of old market and thus improves profit.

GMAT gurus.. please acknowledge.

You're right in the way you explained C. But C offers another explanation for the old market(OM) profit. It means that OM derive profits by means other than sales volume. But we have to strengthen the conclusion that cost saving is due to sales volume , not because of any other reason. That's why C is incorrect.
At the first look, E didn't appeal to me. Later,I arrived at E by POE.

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Re: The prices for all kinds of fish sold in Eastville's downtown Old Mark  [#permalink]

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New post 14 Sep 2016, 06:51
OLD NEW

-------------------------------------------------
Hi, My shot at this...

COST/KG 100 100 < GIVEN >
SP/KG 150 200 < GIVEN >
PROFIT/KG 50 100 < COMPUTED>
---------------------------------------------------
TOTAL PROFIT 500 500 < GIVEN PROFITS ARE EQUAL >
QTY 500/50 = 10 500/100 = 5

Now, in order to ensure that the Situation remains SAME as above,
No other costs need to be involved.
E talks abt teh Same
hence E ..!!
Hope i am not missing out anything here..

RatneshS wrote:
shasadou wrote:
The prices for all kinds of fish sold in Eastville's downtown Old Market are much lower than the prices charged at uptown seafood stores. Old Market vendors buy fish of similar quality from the same wholesalers and at the same prices as uptown vendors do. Therefore, since Old Market fish vendors' businesses are as profitable as those uptown, the volume of the Old Market vendors' daily fish sales must, on average, be higher.

Which of the following, if true, most strengthens the argument given?

A. People who buy fish at Old Market stores generally have lower incomes than do those who buy fish from uptown seafood stores.

B. Some varieties of fish that are not available at Old Market stores can be found occasionally at uptown seafood stores.

C. Vendors at the old Market save on energy costs by keeping fish on ice instead of in refrigerated cases.

D. Many of the people who live in uptown Eastville prefer to buy fish from the neighborhood stores.

E. Fish vendors at the Old Market do not, on average, have lower overhead costs than uptown vendors do.


Not sure if E is an assumption because E is not strengthening by any means. Conclusion is that high volume of old market is sold. Assumption is that there is no other way apart from volume to get profits.

So if E is positive---conclusion is +
if E is false---conclusion falls

C says that old market saves on energy which is in favour of old market and thus improves profit.

GMAT gurus.. please acknowledge.
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Re: The prices for all kinds of fish sold in Eastville's downtown Old Mark  [#permalink]

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New post 21 Nov 2016, 15:03
By POE, only two remain: D and E

D - Could be a good choice in the abscense of E, because we could infer that consumers COULD go downtown to buy fish

E - The option states that Profit doesn't come from "Expenses Reduction" either
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The prices for all kinds of fish sold in Eastville's downtown Old Mark  [#permalink]

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New post 21 Nov 2016, 22:05
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Explanation of tagmag is correct. I also get confused because I dont notice "do not" in E.

This is standard equation for all business model:

Profit = Revenue - Cost
Profit = (Price * Volume) - (Material + Overhead Cost)

Since the price buying from wholesaler, which is material cost, stays the same for both Uptown and DownTown vendors and the profit stays the same for both Uptown and Downtown markets, we could deduce that Revenu - Overhead Cost also stays the same.

From E, vendors at Downtown have overhead cost higher than or equal to overhead cost of vendors at Uptown so the revenue at Downtown must be higher to cover these cost.

Since Revenue = Price * Volume and revenue at Downtown is higher but Price is lower, Volume at Downtown must be higher => support argument.
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The prices for all kinds of fish sold in Eastville's downtown Old Mark  [#permalink]

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New post 22 Nov 2016, 08:28
nguyendinhtuong wrote:
Explanation of tagmag is correct. I also get confused because I dont notice "do not" in E.

This is standard equation for all business model:

Profit = Revenue - Cost
Profit = (Price * Volume) - (Material + Overhead Cost)

Since the price buying from wholesaler, which is material cost, stays the same for both Uptown and DownTown vendors and the profit stays the same for both Uptown and Downtown markets, we could deduce that Revenu - Overhead Cost also stays the same.

From E, vendors at Downtown have overhead cost higher than or equal to overhead cost of vendors at Uptown so the revenue at Downtown must be higher to cover these cost.

Since Revenue = Price * Volume and revenue at Downtown is higher but Price is lower, Volume at Downtown must be higher => support argument.


He does give a good explanation, but the reasoning is simpler:

Two ways to reach Profit (Revenue-Expenses)

1) By Increasing Revenue with more quantity and same or more price - or the other way round. It also require that the expense to remain the same or increasing less than the Revenue.

2) By Decreasing the Expenses, and keeping the Revenue constant.


Quote:
the volume of the Old Market vendors' daily fish sales must, on average, be higher


The only option that states that clearly is E
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The prices for all kinds of fish sold in Eastville's downtown Old Mark  [#permalink]

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New post 23 Nov 2016, 08:00
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Old market vendor:
material cost per unit: M
overhead cost unit: OH1
SP per unit: SP1

Profit per unit P1 = SP1 - (M+OH1)
Total Profit P1 x N1 (N1 is the number of units sold by Old Market)

Uptown vendor:
material cost per unit: M (same as old market vendor)
overhead cost unit: OH2
SP per unit: SP2 (which is >SP1)

Profit per unit P2 = SP2 - (M+OH2)
Total Profit = P2 x N2 (no. of unit ssold by Uptown vendor)

The conclusion has two parts: 1. total profits are same P1 x N1 = P2 x N2, 2. P1<P2 and N1>N2

Any statement that supports one of the above would qualify as a strengthening statement.
Option E: If old market vendors DO NOT have less overhead costs than the upmarket vendors then they have total cost equal to or more than that of upmarket vendors - Since SP1 <SP2, this supports that P1<P2.
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Re: The prices for all kinds of fish sold in Eastville's downtown Old Mark  [#permalink]

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New post 23 Nov 2016, 09:33
The prices for all kinds of fish sold in Eastville's downtown Old Market are much lower than the prices charged at uptown seafood stores. Old Market vendors buy fish of similar quality from the same wholesalers and at the same prices as uptown vendors do. Therefore, since Old Market fish vendors' businesses are as profitable as those uptown, the volume of the Old Market vendors' daily fish sales must, on average, be higher.

Which of the following, if true, most strengthens the argument given?

A. People who buy fish at Old Market stores generally have lower incomes than do those who buy fish from uptown seafood stores.

B. Some varieties of fish that are not available at Old Market stores can be found occasionally at uptown seafood stores.

C. Vendors at the old Market save on energy costs by keeping fish on ice instead of in refrigerated cases.

D. Many of the people who live in uptown Eastville prefer to buy fish from the neighborhood stores.

E. Fish vendors at the Old Market do not, on average, have lower overhead costs than uptown vendors do.

sayantanc2k wrote:
Old market vendor:
material cost per unit: M
overhead cost unit: OH1
SP per unit: SP1

Profit per unit P1 = SP1 - (M+OH1)
Total Profit P1 x N1 (N1 is the number of units sold by Old Market)

Uptown vendor:
material cost per unit: M (same as old market vendor)
overhead cost unit: OH2
SP per unit: SP2 (which is >SP1)

Profit per unit P2 = SP2 - (M+OH2)
Total Profit = P2 x N2 (no. of unit ssold by Uptown vendor)

The conclusion has two parts: 1. total profits are same P1 x N1 = P2 x N2, 2. P1<P2 and N1>N2

Any statement that supports one of the above would qualify as a strengthening statement.
Option E: If old market vendors DO NOT have less overhead costs than the upmarket vendors then they have total cost equal to or more than that of upmarket vendors - Since SP1 <SP2, this supports that P1<P2.


Hi! sayantanc2k
Thank you for your inputs to this club and your remarkable short turn around time.

i read the argument, the conclusion unarguably, because of the "therefore", presented itself in - "since Old Market fish vendors' businesses are as profitable as those uptown, the volume of the Old Market vendors' daily fish sales must, on average, be higher".
Conclusion - The volume of sales must be higher for Old Market.
To strengthen - The choice should reflect a reason for higher turnout at the old market.

None of the answers help with this reasoning except for "D. Many of the people who live in uptown Eastville prefer to buy fish from the neighborhood stores."
But the option would have been more appropriate if - "People prefer to buy fish from the neighborhood stores, and Old Market is in the heart of the city (densely populated)."

So, I rephrased the argument.
Old Market vendors buy fish of similar quality from the same wholesalers and at the same prices as uptown vendors do. Therefore, since Old Market fish vendors' businesses are as profitable as those uptown, the volume of the Old Market vendors' daily fish sales must, on average, be higher. Therefore, The prices for all kinds of fish sold in Eastville's downtown Old Market are much lower than the prices charged at uptown seafood stores.

This simplified the answer choices and (E) pops out easily.

Most of the explanations above are mathematical but in my opinion do not affect the conclusion "volume of sales must be higher".

My question - 1. The question is legit as it is from Question pack 2. GMAC mixes up the conclusion sometimes, can this question be an example of the same. The "therefore" is not the main conclusion.

Thanks in Advance.
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Re: The prices for all kinds of fish sold in Eastville's downtown Old Mark  [#permalink]

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New post 26 Nov 2016, 14:06
Nightfury14 wrote:
The prices for all kinds of fish sold in Eastville's downtown Old Market are much lower than the prices charged at uptown seafood stores. Old Market vendors buy fish of similar quality from the same wholesalers and at the same prices as uptown vendors do. Therefore, since Old Market fish vendors' businesses are as profitable as those uptown, the volume of the Old Market vendors' daily fish sales must, on average, be higher.

Which of the following, if true, most strengthens the argument given?

A. People who buy fish at Old Market stores generally have lower incomes than do those who buy fish from uptown seafood stores.

B. Some varieties of fish that are not available at Old Market stores can be found occasionally at uptown seafood stores.

C. Vendors at the old Market save on energy costs by keeping fish on ice instead of in refrigerated cases.

D. Many of the people who live in uptown Eastville prefer to buy fish from the neighborhood stores.

E. Fish vendors at the Old Market do not, on average, have lower overhead costs than uptown vendors do.

sayantanc2k wrote:
Old market vendor:
material cost per unit: M
overhead cost unit: OH1
SP per unit: SP1

Profit per unit P1 = SP1 - (M+OH1)
Total Profit P1 x N1 (N1 is the number of units sold by Old Market)

Uptown vendor:
material cost per unit: M (same as old market vendor)
overhead cost unit: OH2
SP per unit: SP2 (which is >SP1)

Profit per unit P2 = SP2 - (M+OH2)
Total Profit = P2 x N2 (no. of unit ssold by Uptown vendor)

The conclusion has two parts: 1. total profits are same P1 x N1 = P2 x N2, 2. P1<P2 and N1>N2

Any statement that supports one of the above would qualify as a strengthening statement.
Option E: If old market vendors DO NOT have less overhead costs than the upmarket vendors then they have total cost equal to or more than that of upmarket vendors - Since SP1 <SP2, this supports that P1<P2.


Hi! sayantanc2k
Thank you for your inputs to this club and your remarkable short turn around time.

i read the argument, the conclusion unarguably, because of the "therefore", presented itself in - "since Old Market fish vendors' businesses are as profitable as those uptown, the volume of the Old Market vendors' daily fish sales must, on average, be higher".
Conclusion - The volume of sales must be higher for Old Market.
To strengthen - The choice should reflect a reason for higher turnout at the old market.

None of the answers help with this reasoning except for "D. Many of the people who live in uptown Eastville prefer to buy fish from the neighborhood stores."
But the option would have been more appropriate if - "People prefer to buy fish from the neighborhood stores, and Old Market is in the heart of the city (densely populated)."

So, I rephrased the argument.
Old Market vendors buy fish of similar quality from the same wholesalers and at the same prices as uptown vendors do. Therefore, since Old Market fish vendors' businesses are as profitable as those uptown, the volume of the Old Market vendors' daily fish sales must, on average, be higher. Therefore, The prices for all kinds of fish sold in Eastville's downtown Old Market are much lower than the prices charged at uptown seafood stores.

This simplified the answer choices and (E) pops out easily.

Most of the explanations above are mathematical but in my opinion do not affect the conclusion "volume of sales must be higher".

My question - 1. The question is legit as it is from Question pack 2. GMAC mixes up the conclusion sometimes, can this question be an example of the same. The "therefore" is not the main conclusion.

Thanks in Advance.


Thank you.

Premise (P1): Old Market vendors buy fish of similar quality from the same wholesalers and at the same prices as uptown vendors do.
Premise (P2): Old Market fish vendors' businesses are as profitable as those uptown.
Conclusion (C): The volume of the Old Market vendors' daily fish sales must, on average, be higher.

The confusion arises because the P2 comes AFTER the word "therefore".

Nonetheless a premise-conclusion core can itself be considered a conclusion: An alternative way of looking at the structure is:
Premise: P1
Conclusion: P2-C
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Re: The prices for all kinds of fish sold in Eastville's downtown Old Mark  [#permalink]

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New post 21 Dec 2017, 07:28
@veritasPrep Could you please help me in applying mind the gap technique on this one?
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Re: The prices for all kinds of fish sold in Eastville's downtown Old Mark  [#permalink]

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New post 08 Mar 2018, 06:54
Why not c? Vendors at the old market save the money by saving in energy costs; so their revenue will be higher

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Re: The prices for all kinds of fish sold in Eastville's downtown Old Mark &nbs [#permalink] 08 Mar 2018, 06:54
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