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A manufacturer purchased an item at 30% less than its production cost
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08 Mar 2021, 07:36
08 Mar 2021, 07:36
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Question Stats:
95% (01:22) correct
5% (01:39) wrong based on 20 sessions
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A manufacturer purchased an item at 30% less than its production cost and sold the item at a price that was \(\frac{1}{7}\) greater than what the manufacturer paid for it. The price at which the manufacturer sold the item was what percent of the item's production cost?
20%
30%
70%
80%
90%
Kudos for the right answer and explanation
Question part of the project GRE Quantitative Reasoning Daily Challenge - (2021) EDITION
GRE - Math Book
20%
30%
70%
80%
90%
Kudos for the right answer and explanation
Question part of the project GRE Quantitative Reasoning Daily Challenge - (2021) EDITION
GRE - Math Book
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A manufacturer purchased an item at 30% less than its production cost
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08 Mar 2021, 08:25
08 Mar 2021, 08:25
1
Carcass wrote:
A manufacturer purchased an item at 30% less than its production cost and sold the item at a price that was \(\frac{1}{7}\) greater than what the manufacturer paid for it. The price at which the manufacturer sold the item was what percent of the item's production cost?
20%
30%
70%
80%
90%
20%
30%
70%
80%
90%
Let the production price be \(p\)
Then, Buying price = \(0.7p\)
And, Selling price = \(\frac{8}{7}(0.7p) = \frac{4p}{5} = 0.8p\)
Clearly, Selling price \(80\)% of the Production price
Hence, option D
You can also assume some numbers;
Let the production price be \(100\)
Then, Buying price = \(70\)
And, Selling price = \(\frac{8}{7}(70) = 80\)
Clearly, Selling price \(80\)% of the Production price
General Discussion
Re: A manufacturer purchased an item at 30% less than its production cost
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02 Apr 2024, 23:07
02 Apr 2024, 23:07
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Thanks to another GRE Prep Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos).
Want to see all other topics I dig out? Follow me (click follow button on profile). You will receive a summary of all topics I bump in your profile area as well as via email.
