In Green Glen Layout last July, what was the average (arithmetic mean) home sale price? (1) In Green Glen Layout last July, there were 100 homes sold for a total of $ 51 million. (2) In Green Glen Layout last July, condominiums accounted for 60% of the home sales, and the average condominium price was $ 450,000. Options: A . &nbsp If Statement (1) alone is sufficient, but statement (2) alone is not sufficient. Or If Statement (2) alone is sufficient, but statement (1) alone is not sufficient. B . &nbsp If BOTH statements TOGETHER are sufficient, but NEITHER statement ALONE is sufficient. C . &nbsp If Each statement ALONE is sufficient. D . &nbsp If Statements (1) and (2) TOGETHER are NOT sufficient.

In Green Glen Layout last July, what was the average (arithmetic mean) home sa

Question

In Green Glen Layout last July, what was the average (arithmetic mean) home sale price?
(1) In Green Glen Layout last July, there were 100 homes sold for a total of $$$ 51 million.
(2) In Green Glen Layout last July, condominiums accounted for 60% of the home sales, and the average condominium price was $$$ 450,000.

Options:

A . If Statement (1) alone is sufficient, but statement (2) alone is not sufficient. Or If Statement (2) alone is sufficient, but statement (1) alone is not sufficient.

B . If BOTH statements TOGETHER are sufficient, but NEITHER statement ALONE is sufficient.

C . If Each statement ALONE is sufficient.

D . If Statements (1) and (2) TOGETHER are NOT sufficient.

Answer: Option D
:
D

A suitable rephrase of this question is "What was thesum of the homes sale prices, and how many homes were sold?”

Statement (1):Insufficient

Seems SUFFICIENT as this statement tells us the sum of the home sale prices and the number of homes sold. Thus, the average home price is $$$ 51,000,000/100 = $$$ 510,000.

But we are not sure how many homes were there overall (may be more than 100). So INSUFFICIENT.

Statement (2) INSUFFICIENT:

This statement tells us the average condominium price, but not all of the homes sold in Green Glen Layout last July were condominiums. From this statement, we don't know anything about the other 40% of homes sold in Green Glen Layout, so we cannot calculate the average home sale price

$A v e r a g e = \frac{sum of condominium sale prices + sum of non - condominium sale prices}{number of condominiums sold + number of non - condominiums sold}$

We have some information about the ratio of number of condominiums to non condominiums sold, 60%:40%, or 6:4, or 3:2, which could be used to pick working numbers for the total number of homes sold. However, the average still cannot be calculated because we don't have any information about the non-condominium prices.

Was this answer helpful ?

Next Question