Last Updated on May 10, 2023
GMAT OFFICIAL GUIDE DS
Solution:
We need to determine the range of selling prices of 30 wallets. Recall that the range of a set of numbers is the difference between the largest value and the smallest value in the set. Thus, we need to know the highest price and the lowest price of the wallets.
Statement One Alone:
1/3 of the wallets had a selling price of $24 each.
Although we know that 1/3 of the wallets were sold for $24 each, we still do not know either the price of the highest- or lowest-priced wallet. Statement one is not sufficient to answer the question. We can eliminate answer choices A and D.
Statement Two Alone:
The lowest selling price of the wallets was 1/3 the highest selling price of the wallets.
Although the information in statement two provides information about the relative selling price of the lowest-priced wallet to that of the highest-priced wallet, we still do not know the actual price of the lowest-priced wallet or the actual price of the highest-priced wallet. Thus, statement two is not sufficient to answer the question. We can eliminate answer choice B.
Statements One and Two Together:
Using both statements together we still know neither the price of the lowest-priced wallet nor that of the highest priced wallet. Thus, we cannot determine the range of the selling prices of the 30 wallets.
Answer: E
