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pushpitkc
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A merchant made a gross profit of $40 from the sale of a vase. If this 30 Oct 2018, 00:47
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C
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5% (low)

Question Stats:

87% (01:48) correct 13% (02:13) wrong based on 373 sessions

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A merchant made a gross profit of $40 from the sale of a vase. If this gross profit was 25 percent of the cost of the vase to the merchant, for how many dollars more should the merchant have sold the vase for the gross profit to have been 30 percent of the cost?

(A) $2
(B) $5
(C) $8
(D) $10
(E) $12
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C
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A merchant made a gross profit of $40 from the sale of a vase. If this 30 Oct 2018, 02:47
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GP = 40
=>0.25x = 40
=>x =160

=>0.30 x 160 = 48
=> 48 - 40 = 8

IMO C
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A merchant made a gross profit of $40 from the sale of a vase. If this 31 Oct 2018, 20:44
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pushpitkc
A merchant made a gross profit of $40 from the sale of a vase. If this gross profit was 25 percent
of the cost of the vase to the merchant, for how many dollars more should the merchant have sold
the vase for the gross profit to have been 30 percent of the cost?

(A) $2
(B) $5
(C) $8
(D) $10
(E) $12
Show more


25% represents 40$

1 % represents 40 /25

30% represents (40/25)* 30 = 48

48 - 40 = 8

The best answer is C.
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A merchant made a gross profit of $40 from the sale of a vase. If this 27 Jan 2021, 16:18
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pushpitkc
A merchant made a gross profit of $40 from the sale of a vase. If this gross profit was 25 percent
of the cost of the vase to the merchant, for how many dollars more should the merchant have sold
the vase for the gross profit to have been 30 percent of the cost?

(A) $2
(B) $5
(C) $8
(D) $10
(E) $12
Show more

Cost of the vase: \(\frac{40}{.25} = \frac{40}{\frac{1}{4}}\) = 40*4 = 160

We want to find out how much 30%-25% = 5% of the cost is; 10% of 160 is 16, therefore 5% of 160 = 16/2 = 8
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A merchant made a gross profit of $40 from the sale of a vase. If this Updated on: 23 May 2023, 02:24
Originally posted by 0Lucky0 on 23 May 2023, 01:43.
Last edited by 0Lucky0 on 23 May 2023, 02:24, edited 2 times in total.
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Bunuel
Hello Experts,
I think all the answers given for this question are wrong.
I mean, 160 + 8 = 168.
30% of 168 = 50.4.
So 8 can't possibly be the correct answer for this question.
Since 25% is 40, so the Original price is 160. Now, if we wanted 30% profit from it, we don't actually need to increase or decrease anything.
If we wanted 40 to represent 30% of the price then we would have to reduce the price to 133.33 and not increase it.
So the question and the answer choices make no sense in my opinion. Also, all the answers make no sense to me.
If I am wrong, can anyone please help me understand where I am going wrong?
Thanks for any help. :)
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A merchant made a gross profit of $40 from the sale of a vase. If this 23 May 2023, 02:08
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0Lucky0
A merchant made a gross profit of $40 from the sale of a vase. If this gross profit was 25 percent of the cost of the vase to the merchant, for how many dollars more should the merchant have sold the vase for the gross profit to have been 30 percent of the cost?

(A) $2
(B) $5
(C) $8
(D) $10
(E) $12

Hello Experts,
I think all the answers given for this question are wrong. All these people are simply trying to match the correct answer, which is wrong as well.
I mean, 160 + 8 = 168.
30% of 168 = 50.4.
So 8 can't possibly be the correct answer for this question.
Since 25% is 40, so the Original price is 160. Now, if we wanted 30% profit from it, we don't actually need to increase or decrease anything.
If we wanted 40 to represent 30% of the price then we would have to reduce the price to 133.33 and not increase it.
So the question and the answer choices make no sense in my opinion. Also, all the answers make no sense to me.
If I am wrong, can anyone please help me understand where I am going wrong?
Thanks for any help. :)
Show more

Yes, you are wrong and "all these people" are right.

Since $40 represents 25% of the cost of the vase to the merchant, then the cost of the vase to the merchant is $160. The price at which the vase is sold is therefore, $200.

30% of the cost is 0.3*160 = $48. So, the merchant should have sold the vase for $208, hence by $8 more, for the gross profit ($48) to have been 30% of the cost ($160).
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GMAT Focus 1: 735 Q90 V89 DI81
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A merchant made a gross profit of $40 from the sale of a vase. If this 23 May 2023, 02:29
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Bunuel
Hello Experts,
I think all the answers given for this question are wrong.
I mean, 160 + 8 = 168.
30% of 168 = 50.4.
So 8 can't possibly be the correct answer for this question.
Since 25% is 40, so the Original price is 160. Now, if we wanted 30% profit from it, we don't actually need to increase or decrease anything.
If we wanted 40 to represent 30% of the price then we would have to reduce the price to 133.33 and not increase it.
So the question and the answer choices make no sense in my opinion. Also, all the answers make no sense to me.
If I am wrong, can anyone please help me understand where I am going wrong?
Thanks for any help. :)
Show more

The vase has to be sold for 160+40+8, as we are looking for how much more should he have sold it for. He was already selling it for 160+40 or 200.
30% of 160 is 48 or it should have been sold for 160+48, which is same as 160+40+8.
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A merchant made a gross profit of $40 from the sale of a vase. If this 23 May 2023, 02:32
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Bunuel
0Lucky0
A merchant made a gross profit of $40 from the sale of a vase. If this gross profit was 25 percent of the cost of the vase to the merchant, for how many dollars more should the merchant have sold the vase for the gross profit to have been 30 percent of the cost?

(A) $2
(B) $5
(C) $8
(D) $10
(E) $12

Hello Experts,
I think all the answers given for this question are wrong. All these people are simply trying to match the correct answer, which is wrong as well.
I mean, 160 + 8 = 168.
30% of 168 = 50.4.
So 8 can't possibly be the correct answer for this question.
Since 25% is 40, so the Original price is 160. Now, if we wanted 30% profit from it, we don't actually need to increase or decrease anything.
If we wanted 40 to represent 30% of the price then we would have to reduce the price to 133.33 and not increase it.
So the question and the answer choices make no sense in my opinion. Also, all the answers make no sense to me.
If I am wrong, can anyone please help me understand where I am going wrong?
Thanks for any help. :)

Yes, you are wrong and "all these people" are right.

Since $40 represents 25% of the cost of the vase to the merchant, then the cost of the vase to the merchant is $160. The price at which the vase is sold is therefore, $200.

30% of the cost is 0.3*160 = $48. So, the merchant should have sold the vase for $208, hence by $8 more, for the gross profit ($48) to have been 30% of the cost ($160).
Show more
Oops, silly me. :P Too much coffee I guess, not thinking straight. :(
Well, I have solved almost all the official questions of this type and all the others and didn't see a question like this, until now. :( I just assumed the profit to have been counted in, didn't pay enough attention to the word "Cost". :(
Good lesson, Thanks :)
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A merchant made a gross profit of $40 from the sale of a vase. If this 23 May 2023, 12:47
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pushpitkc
A merchant made a gross profit of $40 from the sale of a vase. If this gross profit was 25 percent of the cost of the vase to the merchant, for how many dollars more should the merchant have sold the vase for the gross profit to have been 30 percent of the cost?

(A) $2
(B) $5
(C) $8
(D) $10
(E) $12
Show more

If the profit increases by $x, then the selling price also increases by $x.
Implication:
To determine the required increase in the selling price, we need to determine only the required increase in the profit.

Old profit percentage = 25
New profit percentage = 30
Percent change from 25 to 30:
\(\frac{Difference}{Original} * 100 = \frac{30-25}{25} * 100 = 20\)

For the profit percentage to increase by 20%, the profit in dollars must also increase by 20%:
20% of original profit \(= \frac{20}{100} * 40 = 8\)

Show Spoiler
C

Another example with different values:

Quote:
A merchant made a gross profit of $20 from the sale of a vase. If this gross profit was 10 percent of the cost of the vase to the merchant, for how many dollars more should the merchant have sold the vase for the gross profit to have been 50 percent of the cost?
Show more

Old profit percentage = 10
New profit percentage = 50
Percent change from 10 to 50:
\(\frac{Difference}{Original} * 100 = \frac{50-10}{10} * 100 = 400\)

For the profit percentage to increase by 400%, the profit in dollars must also increase by 400%:
400% of original profit \(= \frac{400}{100} * 20 = 80\)

In this case:
Merchant cost = 200

Original profit = 20
Original profit percentage = \(\frac{20}{200} =\) 10%

New profit = 20+80 = 100
New profit percentage = \(\frac{100}{200} =\) 50%
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A merchant made a gross profit of $40 from the sale of a vase. If this 01 Apr 2025, 02:52
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