The various prices that a certain product were sold...

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

Redeem

This topic has expert replies

Post new topic Post Reply

Previous Topic Next Topic

BTGmoderatorLU: Moderator; Posts: 2505; Joined: Sun Oct 15, 2017 1:50 pm; Followed by:6 members

The various prices that a certain product were sold...

by BTGmoderatorLU » Sat Oct 28, 2017 5:59 pm

$10, $11, $11, $12, $12, $14, $16, $17, $21, $22

The various prices that a certain product were sold for at retailers in City X is shown above. How many prices were greater than the median price but less than the mean price?

(A) None
(B) One
(C) Two
(D) Three
(E) Four

The OA is B.

Can any expert explain this PS question, please? I don't have it clear. Thanks.

Quote

Source: Beat The GMAT — Problem Solving | Sat Oct 28, 2017 5:59 pm

EconomistGMATTutor: GMAT Instructor; Posts: 555; Joined: Wed Oct 04, 2017 4:18 pm; Thanked: 180 times; Followed by:12 members

by EconomistGMATTutor » Sun Oct 29, 2017 9:09 am

Hello LUANDATO.

Let's take a look at your question.

The median price of the set consist in sum the two numbers in the middle of the set (12 and 14) and then divide the result by 2. In our case, the median price is $$\frac{12+14}{2}=\frac{26}{2}=13.$$

By the other hand, the mean price is the sum of all the numbers and then divide by the total of numbers in the set. In our case, the mean price is $$\frac{10+11+11+12+12+14+16+17+21+22}{10}=\frac{146}{10}=14,6.$$

Now, the only number on the list that satisfy the condition is 14.

So, there is only ONE number such that it is greater than the median price but less than the mean price.

That is why the correct option is B.

I hope this clarify it to you.

I'm available if you'd like any follow up.

GMAT Prep From The Economist
We offer 70+ point score improvement money back guarantee.
Our average student improves 98 points.

Quote

GMAT/MBA Expert

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

Re: The various prices that a certain product were sold...

by Scott@TargetTestPrep » Sat Jan 18, 2020 4:27 am

BTGmoderatorLU wrote: ↑
Sat Oct 28, 2017 5:59 pm
$10, $11, $11, $12, $12, $14, $16, $17, $21, $22

The various prices that a certain product were sold for at retailers in City X is shown above. How many prices were greater than the median price but less than the mean price?

(A) None
(B) One
(C) Two
(D) Three
(E) Four

The OA is B.

Can any expert explain this PS question, please? I don't have it clear. Thanks.

The mean price is:

(10 + 22 + 24 + 14 + 16 + 17 + 21 + 22) / 10 = 146/10 = 14.6

The median is (12 + 14) / 2 = 13

So, there is 1 price greater than the median but less than the mean, which is $14.

Answer: B

Scott Woodbury-Stewart
Founder and CEO
[email protected]