Solutions
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Question
A wholesaler bought 1,200 radios for $18 each. The wholesaler sold 60 percent of the radios for $30 each and the rest for $15 each. What was the wholesaler’s average (arithmetic mean) profit per radio?
Option A:
$2
Option B:
$3
Option C:
$4
Option D:
$5
Option E:
$6
Difficulty Level
EasySolution
Option E is the correct answer.
Option Analysis
60% of radios were sold at $30 and 40% at $15.
Average selling price = (30*0.6 + 15*0.4)/1 = 24
Average cost price = $18
Average profit = $6
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