Groundnut oil is now being sold at rs. 27 per kg. during last month its cost was rs. 24. find by how much % a family should reduce its consumption so as to keep the expenditure same?
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ANSWER-11.1%
SOLUTION:
Old price of rice = Rs.24/k
New price of rice = Rs.27 per/kg
Therefore, Increase in price of rice = New price - Old price = 27 - 24 = Rs.3/kg
Therefore, Increased percentage in price
= 3/24×100=25/2%
Now, reduction in consumption, so as to keep the expenditure fixed.
According to the formula,
(a/(100+a)×100)
(125/(100+125))×100% = 11.1%
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