Question

The cost of a commodity was '50 in the last year. This year, the cost of
the commodity was increased by '60. What is the percentage change
in its price?​

Answer 1

Given:

Cost of Commodity was 50 in the last year.

Cost of Commodity was increased by 60.

To Find:

What is the percentage change in its price ?

Solution:

As given,

Cost of Commodity last year = 50

Cost of Commodity now = 60

$\: \: \sf \: percentage = \frac{change \:in \: price }{total \: price} \times 100 \\ \\ \: \: \sf \: percentage = \frac{60 - 50}{60 + 50} \times 100 \\ \\ \: \: \sf \: percentage = \frac{1 \cancel0}{11 \cancel0} \times 100 \\ \\ \: \: \sf \: percentage =\frac{100}{11} percent$

Hence, Percentage change in its price is 100/11 %.

Answer 2

Answer:

Let the price of the commodity be Rs. x and its consumption be y.

Then Expenditure = Rs. xy

Increased price = Rs.

100

160

x=Rs.1.6x

Expenditure remaining the same = Rs. xy

∴ Reduced consumption =

1.6x

xy

=

16

10y

=

8

5

y % reduction in consumption

=

y

y−5/8y

×100

=

8

3

×100%

=37.5%