By what percent a person must reduce the consumption of rice not to increase his expenditure, if the price of rice is increased by 20%?
Answers
Given : the price of rice is increased by 20%
To Find : By what percent a person must reduce the consumption of rice not to increase his expenditure
Solution:
Let say Rice price per kg = Rs P
Consumption = R kg
Expenditure = Price x consumption = PR Rs
price of rice is increased by 20%
=> New price = P + (20/100)P = 1.2P
New consumption = PR/1.2P
=> New consumption = R/1.2
Reduction in Consumption = R - R/1.2
=> 0.2R/1.2
=> R/6
percent a person must reduce the consumption of rice not to increase his expenditure = 100 x (R/6)/R
= 16.66 %
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