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Official Guide Explanation:
Data Sufficiency #33
This is just one of hundreds of free explanations I've created to the quantitative questions in The Official Guide for GMAT Review (12th ed.). Click the links on the question number, difficulty level, and categories to find explanations for other problems.
These are the same explanations that are featured in my "Guides to the Official Guide" PDF booklets. However, because of the limitations of HTML and cross-browser compatibility, some mathematical concepts, such as fractions and roots, do not display as clearly online.
Solution and Metadata
Explanation: Note that we're looking for a number, not a percent or relationship.
Statement (1) is insufficient. It gives us a relationship between two numbers (price and profit), but no actual numbers.
Statement (2) is also insufficient. It gives us a number, but that number is the difference between the number we're looking for and some other number (the merchant's cost) that we don't know.
Taken together, the statements are sufficient. If we call cost c and selling price p, the statements give us the following equations:
p - c = 0.2p (the difference between the selling price and the cost was 20\of the selling price)
p = c + 50 (selling price was $50 more than cost)
That's two linear equations with two variables. From there, we don't need to solve, just recognize that we could. Choice (C) is correct.
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