Question
Download Solution PDFThe price (per litre) of petrol increases by 40%. By what percent should its consumption be reduced such that the expenditure on it increases by 19% only?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Expenditure increase = 19%
Formula used:
Initial expenditure = Initial price × Initial consumption
Final expenditure = Price after increase × Reduced consumption
Final expenditure = 1.19 × Initial expenditure
Calculation:
Let the Initial price of petrol = ₹100
Price after increase = ₹140 (40% increase)
Let initial consumption = 100 litres
Initial expenditure = 100 × 100 = ₹10,000
Final expenditure = 1.19 × ₹10,000 = ₹11,900
⇒ 140 × x = 11,900
⇒ x = 85 litres
Reduction in consumption = Initial consumption - Reduced consumption
⇒ Reduction = 100 - 85 = 15 litres
Reduction percentage = (Reduction ÷ Initial consumption) × 100
⇒ Reduction percentage = (15 ÷ 100) × 100 = 15%
∴ The correct answer is option (2).
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