Both statements together answer the question. Lets say cost of Mat is X, the cost of Lab would be 2X. Lets assume the profit is marginally above the cost of Lab, approx 2X. X=100.

Basically you have three variables. M (cost of material) , L (cost of labor) and P (profit)....
Form question stem we know M + L + P = 500....
We need two more equations for solve all the three variables....

1. 3M = (M + L + P)
we get another equation but the solution requires one more equation (insufficient)

2. P > L... this ia not an equation but an inequation.... which can have various results...

Combining the two we have two equations and one inequation, and thus can't actually find out the exact values of three variables....

but the answer is but we are asked about the a range in the question...
solving 1 & 2 we come to know that
L+P = 333.33
Now as P > L, which is only possible when
P > 50% of 333.33
=> P > 166.67
=> P > 150

Thus the correct answer is C...

i dont get it

1) says that total cost (L+M) = 3M

how did you get 3M = L+M+[b]P[/b]?

Also, you got

"solving 1 & 2 we come to know that
L+P = 333.33
"

how is that? u have inequalitis, how did u calculate values?

Pls explain.

Total Cost >> C
Labour >> L
Material >> M
Profit >> P

C = L+M

L+M+P = 500

St 1
C = 3M
L+M = 3M; L = 2M

3M+P = 500

Not Suff

St2
P>L

Not Suff

Both St
P>L; so P>2M
So, 3M + 2M < 500

5M < 500

M < 100

C = 3M or C <300> 200, so C

nice post, sankruth - your answer makes sense.

1. 3M = (M + L + P)

I require more concentration. This is the second time, here, I have not correctly read the question in the properly...

As the the second part...
if we have 3M = (M + L + P) & (M + L + P) = 500...
assume L+P = x and solve for x...