Question
Download Solution PDFIf the price of a commodity is increased by 36%, by what percentage (rounded off to 1 decimal place) should its consumption be decreased so that the expenditure of the commodity stays the same?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
The price of a commodity is increased by 36%.
Formula used:
New Price × New Consumption = Old Price × Old Consumption
Calculation:
Let the original price be P and the original consumption be C.
New Price = 1.36P
Let the new consumption be C'.
Since the expenditure remains the same:
⇒ 1.36P × C' = P × C
⇒ C' = (P × C) / (1.36P)
⇒ C' = C / 1.36
Percentage decrease in consumption = ((C - C') / C) × 100
⇒ Percentage decrease in consumption = (1 - 1 / 1.36) × 100
⇒ Percentage decrease in consumption = (1 - 0.7353) × 100
⇒ Percentage decrease in consumption ≈ 26.5%
∴ The correct answer is option (3).
Last updated on Jun 26, 2025
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