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What was the range of the selling prices of the 30

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jjjinapinch Senior | Next Rank: 100 Posts Default Avatar
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What was the range of the selling prices of the 30

Post Mon Jul 24, 2017 9:30 am
What was the range of the selling prices of the 30 wallets sold by a certain store yesterday?

(1) 1/3 of the wallets had a selling price of $24 each.
(2) The lowest selling price of the wallets was 1/3 the highest selling price of the wallets.

Official Guide question
Answer: E

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Post Tue Jul 25, 2017 6:23 pm
Hi jjjinapinch,

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: E

GMAT assassins aren't born, they're made,
Rich

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Post Mon Jul 24, 2017 10:44 pm
jjjinapinch wrote:
What was the range of the selling prices of the 30 wallets sold by a certain store yesterday?

(1) 1/3 of the wallets had a selling price of $24 each.
(2) The lowest selling price of the wallets was 1/3 the highest selling price of the wallets.

Official Guide question
Answer: E
Range = Highest value - Lowest value

In this question,

Range of the prices = Highest price - Lowest price

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

This cannot help it. We can get the highest price and the lowest price of the 30 items. Insufficient.

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

Say the highest selling price = x, thus, the lowest selling price = x/3

Range = x - x/3 = 2x/3

However, we do not know the value of x. Insufficient.

Statement 1 & 2:

From (1), we do not know which part from the lot of 30 items is being referred.

1. If it is the highest priced items, then x = 24, and the Range = 2x/3 = (2*24)/3 = 16.

2. If it is the lowest priced items, then x/3 = 24 => x = 72, and the Range = 2x/3 = (2*72)/3 = 48.

No unique value. Insufficient.

The correct answer: E

Hope this helps!

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