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jlgdr
Joined: 06 Sep 2013
Last visit: 24 Jul 2015
Posts: 1,302
Given Kudos: 355
Concentration: Finance
Schools: Wharton '17 (A) HBS '17 (WA$)
18 Sep 2013, 16:45
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Difficulty:
35%
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Question Stats:
78% (02:46) correct
22%
(03:02)
wrong
based on 414
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A circus earned $150,000 in ticket revenue by selling 1,800 VIP and Standard tickets. They sold 25% more standard tickets than VIP tickets. If the revenue from Standard tickets represents a third of the total ticket revenue, what is the price of a VIP ticket?
A. 50
B. 75
C. 100
D. 125
E. 150
A. 50
B. 75
C. 100
D. 125
E. 150
18 Sep 2013, 16:52
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jlgdr
V + 1.25V = 1,800 --> V = 800.
The revenue from VIP tickets = 2/3*$150,000 = $100,000.
The price of a VIP ticket $100,000/800.
General Discussion
18 Sep 2013, 16:58
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jlgdr
Dear jlgdr,
I'm also happy to help with this problem.
First, let's tackle ticket numbers, and ignore the prices.
V = # of VIP tickets
S = # of standard tickets.
"They sold 25% more standard tickets than VIP tickets." This means:
S = 1.25T
Here, I am using a multiplier to represent the percent increase. See:
https://magoosh.com/gmat/2012/understand ... -the-gmat/
S = 1.25T = (5/4)*T
T = (4/5)*S
S + T = 1800
S + (4/5)*S = 1800
(9/5)*S = 1800
(1/5)*S = 200
S = 1000
V = 800
So, a thousand standard tickets were sold. Put that piece of info on hold for a moment. Now, the financial info.
"A circus earned $150,000 in ticket revenue .... the revenue from Standard tickets represents a third of the total ticket revenue."
One third of $150,000 is $50,000. That's the revenue from standard tickets only. Therefore, revenue from VIP tickets is $100,000.
We sold 800 VIP tickets for $100,000, so each one must have cost 100,000/800 = 1000/8 = 125.
VIP tickets cost $125.
FWIW, standard tickets cost $50.
Does all this make sense?
Mike
