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18 Feb 2024, 13:24
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A
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
85%
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Question Stats:
59% (02:33) correct
41%
(02:32)
wrong
based on 487
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A merchant's markup for an item is the merchant's selling price for the item minus the merchant's total cost for the item. For a certain merchant, is the markup for Item X greater than 45% of the merchant's total cost for Item X?
(1) For this merchant, the markup for Item X is 35% of the selling price for Item X.
(2) For this merchant, the markup for Item X is greater than \(\frac{7}{16}\) of the total cost for Item X.
photo_2024-02-19_01-48-48.jpg [ 39.06 KiB | Viewed 7873 times ]
(1) For this merchant, the markup for Item X is 35% of the selling price for Item X.
(2) For this merchant, the markup for Item X is greater than \(\frac{7}{16}\) of the total cost for Item X.
Attachment:
photo_2024-02-19_01-48-48.jpg [ 39.06 KiB | Viewed 7873 times ]
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18 Feb 2024, 13:38
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A merchant's markup for an item is the merchant's selling price for the item minus the merchant's total cost for the item. For a certain merchant, is the markup for Item X greater than 45% of the merchant's total cost for Item X?
(1) For this merchant, the markup for Item X is 35% of the selling price for Item X.
If we assume the selling price to be $100, then the markup is $35. Given this, the cost price would be $65. Since the markup of $35 is more than half of the cost price ($65), the answer to the question is YES. Sufficient.
(2) For this merchant, the markup for Item X is greater than \(\frac{7}{16}\) of the total cost for Item X.
Converting \(\frac{7}{16}\) into decimal form gives \(\frac{7}{16} = 0.43...\). Thus, the markup may or amy not be more than 45%. Not sufficient.
Answet: A.
(1) For this merchant, the markup for Item X is 35% of the selling price for Item X.
If we assume the selling price to be $100, then the markup is $35. Given this, the cost price would be $65. Since the markup of $35 is more than half of the cost price ($65), the answer to the question is YES. Sufficient.
(2) For this merchant, the markup for Item X is greater than \(\frac{7}{16}\) of the total cost for Item X.
Converting \(\frac{7}{16}\) into decimal form gives \(\frac{7}{16} = 0.43...\). Thus, the markup may or amy not be more than 45%. Not sufficient.
Answet: A.
General Discussion
18 Feb 2024, 13:54
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A merchant's markup for an item is the merchant's selling price for the item minus the merchant's total cost for the item. For a certain merchant, is the markup for Item X greater than 45% of the merchant's total cost for Item X?
Markup = Selling Price - Cost
So, we need to determine whether Selling Price - Cost > 0.45 × Cost.
(1) For this merchant, the markup for Item X is 35% of the selling price for Item X.
The statement tells us the following:
Markup for Item X = 0.35 × Selling Price
Since Markup = Selling Price - Cost, we can determine the following:
0.35 × Selling Price = Selling Price - Cost
Cost = 0.65 × Selling Price
Therefore, since 0.35 > 0.65/2, Markup > Cost/2 > 0.45 × Cost.
Sufficient.
(2) For this merchant, the markup for Item X is greater than 7/16 of the total cost for Item X.
7/16 is just under 0.44.
So, if Markup > 7/16 × Cost, then Markup can be greater or less than 0.45 × Cost.
Insufficient.
Correct answer:
Markup = Selling Price - Cost
So, we need to determine whether Selling Price - Cost > 0.45 × Cost.
(1) For this merchant, the markup for Item X is 35% of the selling price for Item X.
The statement tells us the following:
Markup for Item X = 0.35 × Selling Price
Since Markup = Selling Price - Cost, we can determine the following:
0.35 × Selling Price = Selling Price - Cost
Cost = 0.65 × Selling Price
Therefore, since 0.35 > 0.65/2, Markup > Cost/2 > 0.45 × Cost.
Sufficient.
(2) For this merchant, the markup for Item X is greater than 7/16 of the total cost for Item X.
7/16 is just under 0.44.
So, if Markup > 7/16 × Cost, then Markup can be greater or less than 0.45 × Cost.
Insufficient.
Correct answer:
