The price of oil decreased by 30% . what should be the increase in consumption so as to keep the expenditures constant?
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Answer:
42.85%
Step-by-step explanation:
Let say earlier price = x
Consumption = y
Expense = xy
Reduced price = x(1-30/100) = 0.7x
New consumption = expense / reduced price
= xy/(0.7x)
= 10y/7
Increase in consumption = 10y/7-y = 3y/7
Increase % consumption = ((3y/7)/y) ×100 = 300/7
= 42.85%
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