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monikaleoster
03 Nov 2012, 08:46
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C
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
75%
(hard)
Question Stats:
45% (01:38) correct
55%
(01:39)
wrong
based on 359
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How much water should the milkman add to milk purchased by him for $20/- to get 50% profit?
(1) He has 1 litre of milk.
(2) He wishes to sell the diluted milk at $25 a litre.
(1) He has 1 litre of milk.
(2) He wishes to sell the diluted milk at $25 a litre.
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05 Nov 2012, 12:02
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monikaleoster
I'm happy to help with this.
Suppose we know only (A) ----- we know he bought 1 liter of milk for $20. We know he wants a 50% profit, which means making $30 in sales. What we don't know is how much he will charge for the milk he sells. If he sells the milk for $30/L, then he doesn't have to add any water, and he will make a 50%. If he sells the milk at $60/L, he could drink half of it, and sell the other half and still reap a 50% profit. I think you were assuming that the buying price and the selling price were the same ---- it would be very good preparation for your future, getting an MBA and after, to recognize that these two seldom are the same.
We need to know both how much milk and selling price, in order to answer the question. That's why (C) is the answer.
Does all this make sense?
Mike
07 May 2015, 20:43
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ssriva2
That is the problem - this is not a "GMAT-like" question. This is a question from the Indian CAT curriculum. Someone converted it into the DS format without thinking about what is suitable for GMAT. Even in the Indian CAT PS questions, the high quality sources ALWAYS mention - "assume water is available free of cost". You are not required to make this assumption even when you have to choose a definite answer so you already KNOW that water has to be assumed to be free. But here, in a GMAT DS question, they require you to make that assumption.
Therefore, you don't need to worry about what you will do if you get this question in GMAT - because you won't. And if you insist on an answer - I would mark it as (E). As I wrote above, I have seen questions where they gave the cost of water (say, if he is adding bottled water) so I will not assume anything and mark it as (E).
