Question
Download Solution PDFIf the price of petrol is increased by 81%, by what percentage should the consumption of petrol be decreased by the consumer if the expenditure on petrol remains unchanged? (Correct to two decimal places)
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:-
The price of oil is increased by 81%
Calculation:-
Let initially oil is consumed 100lt at 100₹/lt.
Initial expenditure = 100 × 100 = 10000
Now, new price = 181% of 100 = ₹181 And
Required percentage = [{(181) - 100}/181] × 100 = % = 44.75%
∴ The required answer is 44.75.
Alternate Method
Price Consumption Expenditure
Old 100 181 a
New 181 100 a
percentage change = (81/181) * 100 = 44.75
∴ The required answer is 44.75.
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