Question
Download Solution PDFIf the price of petrol is increased by 25 percent, then how much should a person decrease the consumption to keep the expenditure same?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Price increase (I) = 25%
Formula:
Decrease in consumption to keep the expenditure same = Increase in price/(100 + Increase in price) × 100%
Solution:
⇒ Decrease = 25/(100 + 25) × 100%
⇒ Decrease = 25/125 × 100%
⇒ Decrease = 20%
Therefore, a person should decrease the consumption by 20%.
Last updated on Jul 8, 2025
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