What was the range of the selling prices of the 30 wallets sold by a

Stat 1: states that 1/3 of the wallet is sold@24, which means that the other 2/3 could be higher and lower than $24. => not suff.

Stat 2: the lowest price was 1/3 of the highest price, but we have no idea what these prices are looking at 2), therefore, not suff.

Combined: 1/3 of the wallets go for 24 and the price between the lowest & highest is 1/3 the amt. These two stat don't help us at all, as stat 1 does not state wherever the 1/3 is the highest or the lowest of price for each item. Therefore, we're safe to assume E for this question.

E.

Statement 1: We can only know how much was the selling price of 1/3 of the wallet. Not sufficient.
Statement 2: We can only know the ratio of lowest to highest selling price of the wallet. Not sufficient.

Combining these two statements might have helped if one of the statements had talked about the highest or the lowest of the prices. Not much help.

(1) 10 wallets had a selling price of $24 each. Not Sufficient.

(2) min = max/3. Again, not sufficient.

Combining, we still don't know where the $24 falls, so insufficient. Ans (E).

What was the range of the selling prices of the 30 wallets sold by a certain store yesterday?

To determine the range we need the highest and lowest selling values of the 30.

(1) 1/3 of the wallets had a selling price of $24 each.
From this we learn that 10 wallets were 24. We don't know if any of the other twenty wallets sold for less than or greater than 24. Not sufficient.
(2) The lowest selling price of the wallets was 1/3 the highest selling price of the wallets.
We could determine the range if we had one of these two unknowns. For instance if we had known that the highest selling wallet was 30 dollars, we could determine that the lowest selling price was 10 dollars. But since we know neither, this statement is also not sufficient.

Combining the two statements provides no new information. E

What was the range of the selling prices of the 30 wallets sold by a certain store yesterday?

Inference: : We require the maximum and minimum price of the wallets sold to determine the range .

Statement 1:1/3 of the wallets had a selling price of $24 each.

It does not mention at what price the remaining 2/3 rd wallets were sold so we can not determine the range. Hence insufficient.

Statement 2:: The lowest selling price of the wallets was 1/3 the highest selling price of the wallets.

Any range which satisfies the equation x(min) = 1/3 x(max) will satisfy the above condition. Therefore multiple cases are possible and the statement is insufficient.

On combining the two statements we can understand that some of the wallets were sold for 24$ but this may or may not be the lowest (or highest) price. For example 1/3 rd of the wallets may have been sold at $10 and 1/3rd at 30$ or if 24$ is the minimum selling price then atleast one wallet was sold for 72$. Multiple cases .

Hence Insufficient

Hi All,

We're told that 30 wallets were sold at a store. We're asked for the RANGE in the prices (meaning the largest price - smallest price). This question can be solved by TESTing VALUES.

1) 1/3 of the wallets had a selling price of $24 each.

This Fact tells us that 10 (of the 30) wallets had a price of $24, but we don't know the largest price nor the smallest price of the group, so there are clearly multiple answers to this question.
Fact 1 is INSUFFICIENT

2) The lowest selling price of the wallets was 1/3 the highest selling price of the wallets.

IF....
The lowest price = $10
Then the largest price = $30
And the range = $20

IF....
The lowest price = $15
Then the largest price = $45
And the range = $30
Fact 2 is INSUFFICIENT

Combined, no additional work is needed. Both examples in Fact 2 could include the 10 wallets that cost $24 each (without impacting the lowest or largest prices of the other wallets) and lead to different answers.
Combined, INSUFFICIENT

Final Answer:
GMAT assassins aren't born, they're made,
Rich

Answer: Option E

Video solution by GMATinsight

Solution:

Question Stem Analysis:

We need to determine the range of the selling prices of the 30 wallets sold by a certain store. Recall that range is the difference between the highest value and the lowest value in a set of numbers. Therefore, if we can determine the highest price and the lowest price of the wallets, then we can determine the range of the prices.

Statement One Alone:

From statement one, we see that 10 of the wallets were sold for $24 each. However, since we know neither the highest price nor the lowest price of the wallets, we can’t determine the range of the prices. Statement one alone is not sufficient.

Statement Two Alone:

From statement two, we see that the range is 2/3 the highest price of the wallets. However, since we don’t know the highest price of the wallets, we can’t determine the range of the prices. Statement two alone is not sufficient.

Statements One and Two Together:

Recall that the range is 2/3 the highest price of the wallests. However, since we still don’t know the highest price of the wallets (and there is no indication that $24 is the highest price of the wallets), we can’t determine the range of the prices. Both statements together are not sufficient.

Answer: E

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