M7MBA wrote:Last year, the average price of eight different products sold by Company X was $245. What is the average price of those same eight products this year?
(1) For 5 of the 8 products, the price is 10% higher this year than last.
(2) For 3 of the products, the price remained unchanged
We can determine this year's average price if we know the difference between this year's revenue and last year's.
Statements combined:
Case 1: Last year the 5 products in Statement 1 had an average price of $10, for a total of $50 in revenue
In this case, the increase in revenue yielded by this year's 10% price increase = 10% of 50 = 5.
Case 2; Last year the 5 products in Statement 1 had an average price of $20, for a total of $100 in revenue
In this case, the increase in revenue yielded by this year's 10% price increase = 10% of 100 = 10.
Since the increase in revenue can be different values, the two statements combined are INSUFFICIENT.
The correct answer is
E.
Private tutor exclusively for the GMAT and GRE, with over 20 years of experience.
Followed here and elsewhere by over 1900 test-takers.
I have worked with students based in the US, Australia, Taiwan, China, Tajikistan, Kuwait, Saudi Arabia -- a long list of countries.
My students have been admitted to HBS, CBS, Tuck, Yale, Stern, Fuqua -- a long list of top programs.
As a tutor, I don't simply teach you how I would approach problems.
I unlock the best way for YOU to solve problems.
For more information, please email me (Mitch Hunt) at
[email protected].
Student Review #1
Student Review #2
Student Review #3
