Circus tickets

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jcmsolis: Junior | Next Rank: 30 Posts; Posts: 11; Joined: Wed Jul 18, 2007 10:39 am; Location: Nicaragua

by jcmsolis » Wed Jan 09, 2008 10:03 am

If the circus were to sell all of its 220 tickets for this month's performance at their usual price, the revenue from sales would be 10% greater than that collected last month. However, the circus raised the ticket price by 5% and sold only 200 tickets as a result. What percent less was last month's revenue than that of this month?

* 2
* 5
*100/21
*110/20
* 9/4

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Source: Beat The GMAT — Problem Solving | Wed Jan 09, 2008 10:03 am

rchadha7: Junior | Next Rank: 30 Posts; Posts: 17; Joined: Tue Oct 09, 2007 12:34 pm; Location: Jersey City

by rchadha7 » Wed Jan 09, 2008 12:44 pm

ans is C 100/21

Let revenue last month be r

Given 220*p=1.1r (220 tckts at p price gives 110% )

r = 220p/1.1 = 200p ---- last months revenue

Now if price is incresed by 5%

200(1.05p) = 210p -- this month

Difference is 10p

So (10p/210p) *100 = 100/21

Whats the OA ?

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hopetobeat: Newbie | Next Rank: 10 Posts; Posts: 6; Joined: Thu Dec 20, 2007 6:06 am; Thanked: 1 times

by hopetobeat » Wed Jan 09, 2008 2:42 pm

rchadha7 wrote:ans is C 100/21

Let revenue last month be r

Given 220*p=1.1r (220 tckts at p price gives 110% )

r = 220p/1.1 = 200p ---- last months revenue

Now if price is incresed by 5%

200(1.05p) = 210p -- this month

Difference is 10p

So (10p/210p) *100 = 100/21

Whats the OA ?

Agree!

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jcmsolis: Junior | Next Rank: 30 Posts; Posts: 11; Joined: Wed Jul 18, 2007 10:39 am; Location: Nicaragua

by jcmsolis » Wed Jan 09, 2008 3:47 pm

The OA is C. Many thanks for the explanation.

[quote="hopetobeat"][quote="rchadha7"]ans is C 100/21

Let revenue last month be r

Given 220*p=1.1r (220 tckts at p price gives 110% )

r = 220p/1.1 = 200p ---- last months revenue

Now if price is incresed by 5%

200(1.05p) = 210p -- this month

Difference is 10p

So (10p/210p) *100 = 100/21

Whats the OA ?[/quote]

Agree![/quote]

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preciousrain7: Senior | Next Rank: 100 Posts; Posts: 78; Joined: Thu Dec 06, 2007 4:16 pm; Location: NYC, NY; Thanked: 2 times

by preciousrain7 » Sun Jan 13, 2008 10:34 am

rchadha7 wrote:ans is C 100/21

Let revenue last month be r

Given 220*p=1.1r (220 tckts at p price gives 110% )

r = 220p/1.1 = 200p ---- last months revenue

Now if price is incresed by 5%

200(1.05p) = 210p -- this month

Difference is 10p

So (10p/210p) *100 = 100/21

Whats the OA ?

Hi Guys, I was wondering why are we putting the difference over this month's revenue and not last month's revenue? Thanks for explanation

Sonia

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