If 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)

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SSC CGL 2023 Tier-I Official Paper (Held On: 27 Jul 2023 Shift 1)
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  1. 40.45%
  2. 41.25%
  3. 43.12%
  4. 44.75%

Answer (Detailed Solution Below)

Option 4 : 44.75%
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Detailed Solution

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Given:-

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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