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by [email protected] » Fri Sep 21, 2012 7:38 am
In Greenville last July, what was the average (arithmetic mean) home sale price?
(1) In Greenville last July, there were 100 homes sold for a total of $51 million.
(2) In Greenville last July, condominiums accounted for 60% of the home sales, and the average
condominium price was $450,000.

I have two documents, both have different answers. Let us discuss this.
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by anuprajan5 » Sat Sep 22, 2012 8:49 am
Hi,

I think the answer is A

Statement 1 - 100 homes sold for a total of 51 mn dollars. Total Cost/ Number of homes sold. Sufficient.

Statement 2 - This can be applied through the weighted average concept.

C - Condominium
NC - Non Condominium

(0.6*C Price + 0.4* NC Price)/ (0.6+0.4)

We lack the NC price. Hence insufficient.

What's the OA/ explanation?

Regards
Anup
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by [email protected] » Sat Sep 29, 2012 8:30 pm
I have two documents with different explanations.

First one, We don't know number of houses that were unsold, so we can not calculate average. Answer is E.

Second one, Same explanation as given by you. Answer is A.

So i am confused. Experts, please help.
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by Ian Stewart » Sat Sep 29, 2012 11:06 pm
[email protected] wrote:I have two documents with different explanations.

First one, We don't know number of houses that were unsold, so we can not calculate average. Answer is E.

Second one, Same explanation as given by you. Answer is A.

So i am confused. Experts, please help.
If you are calculating the "average home sale price", then you are naturally only considering homes that were sold; unsold homes are irrelevant here. Anup's explanation above was perfect, and the answer should be A.
For online GMAT math tutoring, or to buy my higher-level Quant books and problem sets, contact me at ianstewartgmat at gmail.com

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