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12 Nov 2018, 09:54
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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:
15%
(low)
Question Stats:
78% (01:10) correct
22%
(01:13)
wrong
based on 634
sessions
History
Date
Time
Result
Not Attempted Yet
A sewing store buys fabric X by the bolt at the wholesale price. If each bolt contains 50 meters of fabric X, what is the wholesale price of a bolt of fabric X ?
(1) The store sells fabric X for $6.25 per meter.
(2) The store sells fabric X at 25 percent above the wholesale price.
(1) The store sells fabric X for $6.25 per meter.
(2) The store sells fabric X at 25 percent above the wholesale price.
Updated on: 05 Sep 2023, 00:06
Originally posted by DavidTutorexamPAL on 12 Nov 2018, 10:11.
Last edited by Bunuel on 05 Sep 2023, 00:06, edited 2 times in total.
Last edited by Bunuel on 05 Sep 2023, 00:06, edited 2 times in total.
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gmatbusters
gmatbusters the original question is missing a few words... I'm guessing it should say 'package/bundle' after 'X by the ___' and 'If each ___' and 'price of a ___'?
Either way, we need to find the *purchase* price of a meter of X and then calculate the wholesale price of 50 meters.
(1) tells us the *selling* price, not what we need!
Insufficient.
(2) This doesn't give us a number to work with! (but only a percent increase...)
Insufficient
Combined: We now have both a number and a percent and can calculate the original price.
Sufficient.
(C) is our answer
08 Apr 2019, 07:54
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gmatbusters
Target question: What is the wholesale price of a bolt of fabric X?
Given: Each bolt contains 50 meters of fabric X
Statement 1: The store sells fabric X for $6.25 per meter.
No information about the relationship between the WHOLESALE price and the RETAIL price
Statement 1 is NOT SUFFICIENT
Statement 2: The store sells fabric X at 25 percent above the wholesale price.
So, the RETAIL price is 25% greater than the WHOLESALE price
However, we are not given any information about what the RETAIL price is.
Statement 2 is NOT SUFFICIENT
Statements 1 and 2 combined
Let w = the WHOLESALE price of the bolt
Statement 2 tells us that the RETAIL price is 25% greater than the WHOLESALE price
In other words: the RETAIL price = (WHOLESALE price) + (25% of the WHOLESALE price)
So: RETAIL price = w + 0.25w
Simplify: RETAIL price = 1.25w
Statement 1 tells us that RETAIL price is $6.25/meter.
There are 50 meters in a bolt
So, the RETAIL price of the bolt = (50)($6.25) = $312.50
COMBINE the statements to get: $312.50 = 1.25w
Since we COULD solve the above equation for w, we COULD answer the target question with certainty.
So, the combined statements are SUFFICIENT
Answer: C
Cheers,
Brent
