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A book dealer buys used books for prices ranging from $0.75
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08 Jun 2020, 06:57
08 Jun 2020, 06:57
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Question Stats:
93% (00:33) correct
6% (01:29) wrong based on 29 sessions
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A book dealer buys used books for prices ranging from $0.75 to $1.50 and then sells them for prices ranging from $3.00 to $5.50. If the dealer were to sell 20 of these books, the minimum gross profit from this sale would be
A. $15
B. $30
C. $45
D. $50
E. $80
A. $15
B. $30
C. $45
D. $50
E. $80
Re: A book dealer buys used books for prices ranging from $0.75
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08 Jun 2020, 06:58
08 Jun 2020, 06:58
Expert Reply
Post A Detailed Correct Solution For The Above Questions And Get A Kudos.
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Re: A book dealer buys used books for prices ranging from $0.75
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08 Jun 2020, 08:26
08 Jun 2020, 08:26
Carcass wrote:
A book dealer buys used books for prices ranging from $0.75 to $1.50 and then sells them for prices ranging from $3.00 to $5.50. If the dealer were to sell 20 of these books, the minimum gross profit from this sale would be
A. $15
B. $30
C. $45
D. $50
E. $80
A. $15
B. $30
C. $45
D. $50
E. $80
Profit = (sale price) - (original purchase price)
In order to MINIMIZE the profit, we must MAXIMIZE the original purchase price, and MINIMIZE the sale price.
MAXIMIZE the original purchase price
The original purchase price ranges from $0.75 to $1.50
So the MAXIMUM original purchase price (per book) = $1.50
MINIMIZE the sale price
The sale price ranges from $3.00 to $5.50
So the MINIMUM sale price (per book) = $3.00
So the minimum profit (per book) = $3.00 - $1.50 = $1.50
If the dealer were to sell 20 of these books, the minimum gross profit from this sale would be
If the minimum profit (per ONE book) = $1.50
Then the minimum profit for TWENTY books = (20)($1.50) = $30
Answer: B
Cheers,
Brent
