Two shopkeepers, Bruce and Wayne, sold the same toy at different prices. If the ratio of the prices at which Bruce and Wayne purchased the toy was 3:4 respectively, who made a greater profit on selling the toy?(1) The profit percentage of Bruce was higher than that of Wayne.(2) The ratio of the prices at which Bruce and Wayne sold the toy was 4:3 respectively.a)Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient to answer the question asked.b)Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient to answer the question asked.c)BOTH statements (1) and (2) TOGETHER are sufficient to answer the question asked, but NEITHER statement ALONE is sufficient to answer the question asked.d)EACH statement ALONE is sufficient to answer the question asked.e)Statements (1) and (2) TOGETHER are NOT sufficient to answer the question asked, and additional data specific to the problem are needed.Correct answer is option 'B'. Can you explain this answer?

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(1) The profit percentage of Bruce was higher than that of Wayne.

(2) The ratio of the prices at which Bruce and Wayne sold the toy was 4:3 respectively.

a)
Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient to answer the question asked.
b)
Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient to answer the question asked.
c)
BOTH statements (1) and (2) TOGETHER are sufficient to answer the question asked, but NEITHER statement ALONE is sufficient to answer the question asked.
d)
EACH statement ALONE is sufficient to answer the question asked.
e)
Statements (1) and (2) TOGETHER are NOT sufficient to answer the question asked, and additional data specific to the problem are needed.

Correct answer is option 'B'. Can you explain this answer?

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Test: Inequalities- 2

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Two shopkeepers, Bruce and Wayne, sold the same toy at different price...

Steps 1 & 2: Understand Question and Draw Inferences

Let the prices at which Bruce and Wayne purchased the toy be 3x and 4x respectively.
- Since 3x and 4x are prices, they must be positive.
- This means, x and y must be positive.
Let the profit made by Bruce and Wayne be P₁and P₂ respectively.

To Find: Which is greater out of P₁and P₂

Step 3: Analyze Statement 1 independently

(1) The profit percentage of Bruce was higher than that of Wayne.

(For example, if P₁ = 5 and P₂ = 4, then P₁ > P₂ but if P₁ = 3.5 and P₂ = 4, then P₁ < P₂. Both these sets of values for P₁ and P₂ satisfy Statement 1)

Insufficient to answer.

Step 4: Analyze Statement 2 independently

(2) The ratio of the prices at which Bruce and Wayne sold the toy was 4:3 respectively.

Let the prices at which Bruce and Wayne sold the toys be 4y and 3y respectively.
Profit made by Bruce =P₁= 4y – 3x
Profit made by Wayne =P₂= 3y – 4x

Assuming, P₁> P₂, we have

4y – 3x > 3y – 4x
x + y > 0, which is always true (since x and y are positive).
This means, our assumption was correct – P₁ is indeed greater than P₂

Alternate Method

As we can see the selling price of Bruce > selling price of Wayne (4y > 3y) and the cost price of Bruce < cost price of Wayne (3x < 4x).

Hence, the profit made by Bruce > Profit made by Wayne.

Thus P₁ > P₂

Sufficient to answer.

Step 5: Analyze Both Statements Together (if needed)

As we have a unique answer from step-4, this step is not required.

Answer: B

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Two shopkeepers, Bruce and Wayne, sold the same toy at different prices. If the ratio of the prices at which Bruce and Wayne purchased the toy was 3:4 respectively, who made a greater profit on selling the toy?(1) The profit percentage of Bruce was higher than that of Wayne.(2) The ratio of the prices at which Bruce and Wayne sold the toy was 4:3 respectively.a)Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient to answer the question asked.b)Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient to answer the question asked.c)BOTH statements (1) and (2) TOGETHER are sufficient to answer the question asked, but NEITHER statement ALONE is sufficient to answer the question asked.d)EACH statement ALONE is sufficient to answer the question asked.e)Statements (1) and (2) TOGETHER are NOT sufficient to answer the question asked, and additional data specific to the problem are needed.Correct answer is option 'B'. Can you explain this answer?

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Two shopkeepers, Bruce and Wayne, sold the same toy at different prices. If the ratio of the prices at which Bruce and Wayne purchased the toy was 3:4 respectively, who made a greater profit on selling the toy?(1) The profit percentage of Bruce was higher than that of Wayne.(2) The ratio of the prices at which Bruce and Wayne sold the toy was 4:3 respectively.a)Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient to answer the question asked.b)Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient to answer the question asked.c)BOTH statements (1) and (2) TOGETHER are sufficient to answer the question asked, but NEITHER statement ALONE is sufficient to answer the question asked.d)EACH statement ALONE is sufficient to answer the question asked.e)Statements (1) and (2) TOGETHER are NOT sufficient to answer the question asked, and additional data specific to the problem are needed.Correct answer is option 'B'. Can you explain this answer? for GMAT 2024 is part of GMAT preparation. The Question and answers have been prepared according to the GMAT exam syllabus. Information about Two shopkeepers, Bruce and Wayne, sold the same toy at different prices. If the ratio of the prices at which Bruce and Wayne purchased the toy was 3:4 respectively, who made a greater profit on selling the toy?(1) The profit percentage of Bruce was higher than that of Wayne.(2) The ratio of the prices at which Bruce and Wayne sold the toy was 4:3 respectively.a)Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient to answer the question asked.b)Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient to answer the question asked.c)BOTH statements (1) and (2) TOGETHER are sufficient to answer the question asked, but NEITHER statement ALONE is sufficient to answer the question asked.d)EACH statement ALONE is sufficient to answer the question asked.e)Statements (1) and (2) TOGETHER are NOT sufficient to answer the question asked, and additional data specific to the problem are needed.Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for GMAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Two shopkeepers, Bruce and Wayne, sold the same toy at different prices. If the ratio of the prices at which Bruce and Wayne purchased the toy was 3:4 respectively, who made a greater profit on selling the toy?(1) The profit percentage of Bruce was higher than that of Wayne.(2) The ratio of the prices at which Bruce and Wayne sold the toy was 4:3 respectively.a)Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient to answer the question asked.b)Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient to answer the question asked.c)BOTH statements (1) and (2) TOGETHER are sufficient to answer the question asked, but NEITHER statement ALONE is sufficient to answer the question asked.d)EACH statement ALONE is sufficient to answer the question asked.e)Statements (1) and (2) TOGETHER are NOT sufficient to answer the question asked, and additional data specific to the problem are needed.Correct answer is option 'B'. Can you explain this answer?.

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