Question
Download Solution PDFIf the price of petrol is increased by 28%, by what percentage should the consumption be decreased by the consumer, if the expenditure on petrol remains unchanged?
(Correct to 2 decimal places)
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
The price of petrol is increased by 28%
Calculation:
Let the price of petrol before the increase be Rs. 100a per 1000 ml
New price = 100a × 128%
⇒ Rs. 128a
Now,
If the consumer wants to maintain the expenditure as before he will still buy petrol for Rs. 100a
Now,
In Rs. 100a he will get = (1000/128a) × 100a
⇒ 781.25 ml
Consumption decrease = 1000 ml - 781.25 ml
⇒ 218.75
% decrease = (218.75/1000) × 100
⇒ 21.875 ≈ 21.88%
∴ The required answer is 21.88%.
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