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A manufacturer purchased an item at 30% less than its production cost

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Carcass
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A manufacturer purchased an item at 30% less than its production cost [#permalink] New post   08 Mar 2021, 07:36
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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%

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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 [#permalink] New post   08 Mar 2021, 08:25
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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%


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
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Re: A manufacturer purchased an item at 30% less than its production cost [#permalink] New post   02 Apr 2024, 23:07
Hello from the GRE Prep Club BumpBot!

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).

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Re: A manufacturer purchased an item at 30% less than its production cost [#permalink]
02 Apr 2024, 23:07
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