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The selling price of an article is equal to the cost of the article plus the markup. The markup on a certain television set is what percent of the selling price?

(1) The markup on the television set is 25 percent of the cost. (2) The selling price of the television set is $250.

Practice Questions Question: 40 Page: 278 Difficulty: 600

The selling price of an article is equal to the cost of the article plus the markup. The markup on a certain television set is what percent of the selling price?

(1) The markup on the television set is 25 percent of the cost. \(Markup=0.25*Cost\) --> \(Price=Cost+Markup=Cost+0.25*Cost=1.25*Cost\) --> \(\frac{Markup}{Price}=\frac{0.25*Cost}{1.25*Cost}=0.2\). Sufficient.

(2) The selling price of the television set is $250. Not sufficient to get the ratio required.

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11 Sep 2012, 08:00

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The selling price of an article is equal to the cost of the article plus the markup. The markup on a certain television set is what percent of the selling price?

(1) The markup on the television set is 25 percent of the cost. (2) The selling price of the television set is $250.

Markup = M Selling Price = P Cost = C P=C+M

(1) M=0.25C C=4M Sub back into equation P=4M+M P=5M

We want to find M/P which in this case is M/P = 1/5 or 20% so (1) is suff

(2) 250 = M + C We cannot solve, so answer is A
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12 Sep 2012, 04:32

Bunuel wrote:

The selling price of an article is equal to the cost of the article plus the markup. The markup on a certain television set is what percent of the selling price?

(1) The markup on the television set is 25 percent of the cost. (2) The selling price of the television set is $250.

From Question Stem => SP = CP + M. (M/SP) = ?? % St 1: Sufficient: M=.25CP, So, SP=CP + .25CP = 1.25CP, Therefore M/SP x 100% = .25/1.25 x 100% = 20%

St 2: Insufficient: SP=$250= CP + M, Two variables with one equation. Hence cannot be solved.

Hence Answer is A.
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12 Sep 2012, 13:13

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The question can be reduced to "What is the ratio of Markup to Selling Price" Let Cost Price = 100P Markup = M Thus Selling price (SP) = 100P +M...........(1) Statement 1 - M=25P ----> & SP =125P ------> Sufficient Statement 2 - SP=250---> No relative amount is given for M----> Thus insufficient

Answer A
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The selling price of an article is equal to the cost of the article plus the markup. The markup on a certain television set is what percent of the selling price?

(1) The markup on the television set is 25 percent of the cost. \(Markup=0.25*Cost\) --> \(Price=Cost+Markup=Cost+0.25*Cost=1.25*Cost\) --> \(\frac{Markup}{Price}=\frac{0.25*Cost}{1.25*Cost}=0.2\). Sufficient.

(2) The selling price of the television set is $250. Not sufficient to get the ratio required.

Answer: A.

Kudos points given to everyone with correct solution. Let me know if I missed someone.
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17 Aug 2014, 21:19

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04 Sep 2014, 00:56

SOLUTION

The selling price of an article is equal to the cost of the article plus the markup. The markup on a certain television set is what percent of the selling price?

(1) The markup on the television set is 25 percent of the cost. Markup=0.25*Cost --> Price=Cost+Markup=Cost+0.25*Cost=1.25*Cost --> \frac{Markup}{Price}=\frac{0.25*Cost}{1.25*Cost}=0.2. Sufficient.

(2) The selling price of the television set is $250. Not sufficient to get the ratio required.[quote][/quote]

Hi Bunuel,

I understand why statement A is correct, but I don't understand why in this case the answer can't be C. If we use both the statements together, we have Selling Price = 1.25*Cost and the 2nd statement tells us the price.

The selling price of an article is equal to the cost of the article plus the markup. The markup on a certain television set is what percent of the selling price?

(1) The markup on the television set is 25 percent of the cost. Markup=0.25*Cost --> Price=Cost+Markup=Cost+0.25*Cost=1.25*Cost --> \frac{Markup}{Price}=\frac{0.25*Cost}{1.25*Cost}=0.2. Sufficient.

(2) The selling price of the television set is $250. Not sufficient to get the ratio required.

Quote:

Hi Bunuel,

I understand why statement A is correct, but I don't understand why in this case the answer can't be C. If we use both the statements together, we have Selling Price = 1.25*Cost and the 2nd statement tells us the price.

If Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient to answer the question asked, then the answer is A.

The data sufficiency problem consists of a question and two statements, labeled (1) and (2), in which certain data are given. You have to decide whether the data given in the statements are sufficient for answering the question. Using the data given in the statements, plus your knowledge of mathematics and everyday facts (such as the number of days in July or the meaning of the word counterclockwise), you must indicate whether—

A. Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient to answer the question asked. B. Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient to answer the question asked. C. BOTH statements (1) and (2) TOGETHER are sufficient to answer the question asked, but NEITHER statement ALONE is sufficient to answer the question asked. D. EACH statement ALONE is sufficient to answer the question asked. E. Statements (1) and (2) TOGETHER are NOT sufficient to answer the question asked, and additional data specific to the problem are needed.

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05 Oct 2015, 19:42

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The selling price of an article is equal to the cost of the article plus the markup. The markup on a certain television set is what percent of the selling price?

(1) The markup on the television set is 25 percent of the cost. (2) The selling price of the television set is $250.

We are given that the selling price of an article is equal to the cost of the article plus the markup. We define some variables so that we can translate the given information into an expression.

c = cost of the article

m = the markup

Thus, we know that the selling price of the article (with the markup) is c + m.

We need to determine the percent of the selling price represented by the markup. Translating the question into an expression gives us:

m/(c + m) x 100 = ?

Statement One Alone:

The markup on the television set is 25 percent of the cost.

From statement one we can create the following equation:

m = 0.25c

We now substitute 0.25c for m into our original expression. So we have:

m/(c + m) x 100 = ?

0.25c/(c + 0.25c) x 100 = ?

0.25c/(1.25c) x 100 = ?

0.25/1.25 x 100 = 20%

Statement one alone is sufficient to answer the question. We can eliminate answer choices B, C, and E.

(Note: We were able to determine m/(c + m) x 100 because we were able to get variable m in terms of variable c and thus, when we plugged 0.25c in for m into our expression, all the variables canceled, allowing us to determine the percentage.)

Statement Two Alone:

The selling price of the television set is $250.

With the information in statement two we can create the following equation:

c + m = 250

With the equation c + m = 250, we can simplify m/(c + m) x 100 as m/250 x 100. However, since we don’t know the value of m, we can’t determine the value of m/(c + m) x 100. Thus, statement two alone is not sufficient to answer the question.

The answer is A.
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29 Sep 2017, 10:00

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