Evaluate Total Revenue Exceeding 500

Very Hard Data Sufficiency Analyzing Information

Let $p$ represent the price per unit item sold and let $q$ represent the total quantity sold. We are interested in determining if the total revenue $R$, defined as $R = p \cdot q$, exceeds $500.

Statement (1): When the price per unit item increased by $10, the total quantity sold decreased by 20 units, and the new total revenue was $480.

Statement (2): The total quantity sold remains greater than or equal to 40 units for any price per unit item.

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

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

Both statements (1) and (2) together are sufficient, but neither statement alone is sufficient.

Each statement alone is sufficient.

Statements (1) and (2) together are not sufficient.

Hint

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