Question
Download Solution PDFIf the price of a commodity is increased by 20%, by what percent the Consumption of that commodity should be reduced so that the expenditure does not increase ?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Price increase = 20%
Formula used:
Let initial consumption be 100 units.
Expenditure = Price × Consumption
New expenditure = Old expenditure
Let the reduced consumption be x.
Calculation:
New price = 120% of old price
120 × x = 100 × 100
⇒ x = (100 × 100) ÷ 120
⇒ x = 83.33
Reduction in consumption = 100 - 83.33
⇒ Reduction = 16.67%
∴ The correct answer is option 2.
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