BREAKING: Target Test Prep releases Brand New 2026 On Demand GMAT prep course

Redeem

What was the range of the selling prices of the 30

This topic has expert replies
Post new topic Post Reply
Previous Topic Next Topic
Senior | Next Rank: 100 Posts
Posts: 83
Joined: Mon Jul 24, 2017 8:16 am
Followed by:1 members

What was the range of the selling prices of the 30

by jjjinapinch » Mon Jul 24, 2017 9:30 am

Timer

00:00

Your Answer

A

B

C

D

E

Global Stats

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
Top
Source: — Data Sufficiency |

GMAT/MBA Expert

User avatar
GMAT Instructor
Posts: 3008
Joined: Mon Aug 22, 2016 6:19 am
Location: Grand Central / New York
Thanked: 470 times
Followed by:34 members

by Jay@ManhattanReview » Mon Jul 24, 2017 10:44 pm

Timer

00:00

Your Answer

A

B

C

D

E

Global Stats

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!

Download free ebook: Manhattan Review GMAT Quantitative Question Bank Guide

-Jay
_________________
Manhattan Review GMAT Prep

Locations: New York | New Delhi | Seoul | Cairo | and many more...

Schedule your free consultation with an experienced GMAT Prep Advisor! Click here.
Top

GMAT/MBA Expert

User avatar
Elite Legendary Member
Posts: 10392
Joined: Sun Jun 23, 2013 6:38 pm
Location: Palo Alto, CA
Thanked: 2867 times
Followed by:511 members
GMAT Score:800

by [email protected] » Tue Jul 25, 2017 6:23 pm

Timer

00:00

Your Answer

A

B

C

D

E

Global Stats

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
Contact Rich at [email protected]
Image
Top

GMAT/MBA Expert

User avatar
GMAT Instructor
Posts: 8083
Joined: Sat Apr 25, 2015 10:56 am
Location: Los Angeles, CA
Thanked: 43 times
Followed by:29 members

Re: What was the range of the selling prices of the 30

by Scott@TargetTestPrep » Sat May 08, 2021 9:54 am

Timer

00:00

Your Answer

A

B

C

D

E

Global Stats

jjjinapinch wrote: ↑
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
Solution:

Question Stem Analysis:

We need to determine the range of the selling prices of the 30 wallets sold by a certain store. Recall that range is the difference between the highest value and the lowest value in a set of numbers. Therefore, if we can determine the highest price and the lowest price of the wallets, then we can determine the range of the prices.

Statement One Alone:

From statement one, we see that 10 of the wallets were sold for $24 each. However, since we know neither the highest price nor the lowest price of the wallets, we can’t determine the range of the prices. Statement one alone is not sufficient.

Statement Two Alone:

From statement two, we see that the range is 2/3 the highest price of the wallets. However, since we don’t know the highest price of the wallets, we can’t determine the range of the prices. Statement two alone is not sufficient.

Statements One and Two Together:

Recall that the range is 2/3 the highest price of the wallests. However, since we still don’t know the highest price of the wallets (and there is no indication that $24 is the highest price of the wallets), we can’t determine the range of the prices. Both statements together are not sufficient.

Answer: E

Scott Woodbury-Stewart
Founder and CEO
[email protected]

Image

See why Target Test Prep is rated 5 out of 5 stars on BEAT the GMAT. Read our reviews

ImageImage
Top
Post new topic Post Reply
• Page 1 of 1