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A retailer sold toys at a regular selling price of 25%
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27 May 2018, 03:48
27 May 2018, 03:48
1
Expert Reply
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Question Stats:
54% (01:19) correct
45% (01:32) wrong based on 53 sessions
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A retailer sold toys at a regular selling price of 25% greater than the retailer’s cost to buy the toys. If the retailer reduces the regular selling price by 80%, what is then the loss on each toy sold as a percent of the retailer’s cost?
(A) 25%
(B) 30%
(C) 40%
(D) 75%
(E) 80%
(A) 25%
(B) 30%
(C) 40%
(D) 75%
(E) 80%
Re: A retailer sold toys at a regular selling price of 25%
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27 May 2018, 12:53
27 May 2018, 12:53
1
Expert Reply
Explanation
For problems that ask for percents and use no real numbers, it is almost always possible to use 100 as a starting number.
Suppose the retailer buys each toy for $100, and thus sells it for a regular price of $125.
A reduction of this regular selling price by 80% drops the price to $25. The loss on each toy sold as a percent of the retailer’s cost is:
\(\frac{100-25}{100 \times 100}=75%\)
Hence option D is correct!
For problems that ask for percents and use no real numbers, it is almost always possible to use 100 as a starting number.
Suppose the retailer buys each toy for $100, and thus sells it for a regular price of $125.
A reduction of this regular selling price by 80% drops the price to $25. The loss on each toy sold as a percent of the retailer’s cost is:
\(\frac{100-25}{100 \times 100}=75%\)
Hence option D is correct!
Re: A retailer sold toys at a regular selling price of 25%
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26 Jun 2021, 09:18
26 Jun 2021, 09:18
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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).
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