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collection of tough problems from G PREP - 23

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by abhasjha » Mon Feb 08, 2010 3:05 am
A construction company was paid a total of $500,000 for a construction project. The company's only costs for the project were for labor and materials. Was the company's profit for the project greater than 150,000?

(1) The company's total cost was three times its cost for materials.
(2) The company's profit was greater than its cost for labor
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by shashank.ism » Mon Feb 08, 2010 3:11 am
abhasjha wrote:A construction company was paid a total of $500,000 for a construction project. The company's only costs for the project were for labor and materials. Was the company's profit for the project greater than 150,000?

(1) The company's total cost was three times its cost for materials.
(2) The company's profit was greater than its cost for labor
Ans is C
(1) is not sufficient. (2) is not sufficient.
if combine Let M be the cost of material. So labor cost = 3M.
Now let P be the profit. So P>labor cost =3M --> P>3M.
P= 500000 - 4M > 3M --> M<500000/7 --> M< 71428.57

so max value of M = 71428.57
so max cost of labor + material = 4M= 71428.57 x 4= 285714.28

so min profit = 500,000 - 285714.28 = 214285.72

Hence profit is greater than $15,000

so Ans is C
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