Question
Download Solution PDFIf the price of petrol is increased by 40%, by what percentage (rounded off to 1 decimal place) should its consumption be decreased so that the expenditure on petrol remains the same?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Increase in price = 40%
Concept:
If the expenditure is to remain the same, Percentage decrease in consumption = (Increase in price/(100 + Increase in price)) × 100
Calculation:
⇒ Percentage decrease in consumption = (40/(100 + 40)) × 100 = 28.6%
Therefore, consumption should be decreased by 28.6% to keep the expenditure the same.
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