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03 Jun 2026, 15:45
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A concert venue’s ticket revenue increased by 15% from 2023 to 2024, while its operating costs increased by 10% over the same period. If net income is defined as ticket revenue minus operating costs, by what percent did the venue’s net income increase from 2023 to 2024?
(1) The venue’s net income in 2023 was $120,000.
(2) In 2023, the venue’s ticket revenue was twice its operating costs.
The OA will be automatically revealed on Friday 5th of June 2026 03:45:13 PM Pacific Time Zone
(1) The venue’s net income in 2023 was $120,000.
(2) In 2023, the venue’s ticket revenue was twice its operating costs.
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The OA will be automatically revealed on Friday 5th of June 2026 03:45:13 PM Pacific Time Zone
03 Jun 2026, 20:29
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Let 2023 revenue = R and 2023 costs = C.
Then:
N(2023) = R − C
Since revenue increased by 15% and costs increased by 10%:
N(2024) = 1.15R − 1.10C
Increase in net income:
N(2024) − N(2023)
= (1.15R − 1.10C) − (R − C)
= 0.15R − 0.10C
Percent increase:
(0.15R − 0.10C)/(R − C)
We need the ratio R:C.
Statement (1):
Net income in 2023 was $120,000.
R − C = 120,000
One equation with two variables → insufficient.
Statement (1) is NOT sufficient.
Statement (2):
Revenue was twice costs.
R = 2C
Then:
N(2023) = 2C − C = C
N(2024) = 1.15(2C) − 1.10C
= 2.30C − 1.10C
= 1.20C
Percent increase:
(1.20C − C)/C
= 0.20
= 20%
A unique answer is obtained.
Statement (2) is sufficient.
Answer: B (Statement 2 alone is sufficient, but Statement 1 alone is not sufficient.)
Then:
N(2023) = R − C
Since revenue increased by 15% and costs increased by 10%:
N(2024) = 1.15R − 1.10C
Increase in net income:
N(2024) − N(2023)
= (1.15R − 1.10C) − (R − C)
= 0.15R − 0.10C
Percent increase:
(0.15R − 0.10C)/(R − C)
We need the ratio R:C.
Statement (1):
Net income in 2023 was $120,000.
R − C = 120,000
One equation with two variables → insufficient.
Statement (1) is NOT sufficient.
Statement (2):
Revenue was twice costs.
R = 2C
Then:
N(2023) = 2C − C = C
N(2024) = 1.15(2C) − 1.10C
= 2.30C − 1.10C
= 1.20C
Percent increase:
(1.20C − C)/C
= 0.20
= 20%
A unique answer is obtained.
Statement (2) is sufficient.
Answer: B (Statement 2 alone is sufficient, but Statement 1 alone is not sufficient.)
03 Jun 2026, 23:48
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Given: Revenue "r" increased by 15% and cost "c" decreased by 10%. NI=R-C .
Deduction: increase in income and decrease in cost is the total increase in Net Income NI=0.15r+0.1c
TO find: % increase in NI i.e, (0.15r+0.1c)/(r-c)
1) r-c=120k not sufficient, since we know knly the denominator for the above equation and we dont have nay ratio split of r and c.
This is insufficient
2) r=2c. This is can we substituted on the equation to find ! increase. Hence sufficient. so B is the answer
Deduction: increase in income and decrease in cost is the total increase in Net Income NI=0.15r+0.1c
TO find: % increase in NI i.e, (0.15r+0.1c)/(r-c)
1) r-c=120k not sufficient, since we know knly the denominator for the above equation and we dont have nay ratio split of r and c.
This is insufficient
2) r=2c. This is can we substituted on the equation to find ! increase. Hence sufficient. so B is the answer
