Question
If the price of wheat rises by 40%, how much percentage
reduction in consumption is required so that the total expense remains constant?Give your answer rounded to the nearest integer.Solution
ATQ,
Initial price = Rs. 100m, consumption = n kg
Initial expenditure = 100mn
New price = 140m
New consumption = 100mn ÷ 140m = 100n ÷ 140
Decrease = n - (100n ÷ 140) = 40n ÷ 140
Required percent = (40n ÷ 140) ÷ n × 100 = 4000 ÷ 140 ≈ 29%
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