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skyjarrett12
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Post subject: A factory produces one type of widget  Posted: Sat Jul 21, 2012 5:52 pm |
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PROBLEM: A factory produces one type of widget. This month, the factory raised the price of each widget to X% of the original price. However, the factory only sold Y% as many widgets as last month, and the total revenue from the sale of widgets was equal for last month and this month.
In the table, identify the values of X and Y that are consistent with the information provided. Make only two selections, one in each column.
MY QUESTION: In setting up my answer to this problem, I set up the equation as V1 X P1 = V2 X P2 (i.e. V1=volume and P1=Price). The explanation sets up the equation as:
"If the revenues are equal for the two months, then:
wp = (Y/100) × (w) × (X/100) × ( p)"
I'm having a hard time understanding how they are able to arrive at that.
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ethosque
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Post subject: Re: A factory produces one type of widget Posted: Mon Jul 23, 2012 2:48 pm |
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This month,the factory "raised" the price of each widget to X% of the original price
This actually tricked me.
I thought it meant :
original price = p
new price = p + X%of p
but looking at the explanation it was simply " x/100 *p "
Please clarify this issue for me. Because of this i did not get the ans. Else i would have got it.
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tim
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Post subject: Re: A factory produces one type of widget Posted: Tue Jul 24, 2012 10:33 am |
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| ManhattanGMAT Staff |
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Posts: 4404
Location: Southwest Airlines, seat 21C
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ethosque, the price wasn't raised BY x%; it was raised TO x%. you need to be careful about this wording..
sky, your approach is fine, you just didn't carry it far enough. you need to recognize that V2 = y/100 * V1 and that P2 = x/100 * P1; then you'll have exactly what was given in the solution..
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Tim Sanders
Manhattan GMAT Instructor
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ethosque
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Post subject: Re: A factory produces one type of widget Posted: Tue Jul 24, 2012 12:50 pm |
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thanks Tim. noted the wording now.. :)
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tim
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Post subject: Re: A factory produces one type of widget Posted: Wed Jul 25, 2012 6:42 am |
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Location: Southwest Airlines, seat 21C
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glad to help..
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Tim Sanders
Manhattan GMAT Instructor
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skyjarrett12
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Post subject: Re: A factory produces one type of widget Posted: Wed Aug 01, 2012 10:51 pm |
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Ahhh - got ya.
Thanks Tim.
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tim
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Post subject: Re: A factory produces one type of widget Posted: Mon Aug 06, 2012 11:26 am |
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Location: Southwest Airlines, seat 21C
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:)
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Tim Sanders
Manhattan GMAT Instructor
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monikanedel
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Post subject: Re: A factory produces one type of widget Posted: Wed Feb 13, 2013 7:11 pm |
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Can anyone post a fully workup to this answer, would really appreciate it!
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jnelson0612
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Post subject: Re: A factory produces one type of widget Posted: Sat Feb 16, 2013 10:02 pm |
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monikanedel wrote: Can anyone post a fully workup to this answer, would really appreciate it! Hey Monika, We are happy to help but we like to build on the work that you've already done. Can you post what work you have done so far? Then were happy to help you get the rest of the way. :-)
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Jamie Nelson
ManhattanGMAT Instructor
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