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If the price of a commodity is increased by 30%, by how much % a consumer must reduce his consumption so to keep the expenditure same ?
- a)100/13
- b)200/13
- c)300/13
- d)400/13
Correct answer is option 'C'. Can you explain this answer?
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If the price of a commodity is increased by 30%, by how much % a consu...
Answer – c) 300/13 Solution: If commodity price is increased then reduction in consumption will be [(increase in price)/100 + increase in price]*100. (30/130)*100 = 300/13%
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If the price of a commodity is increased by 30%, by how much % a consu...
Given that the price of a commodity is increased by 30%.
Let the initial price of the commodity be P and the initial consumption be Q.
Then, the initial expenditure = P*Q
After the price increase, the new price = P + (30/100)*P = 1.3P
To keep the expenditure same, the new consumption should be reduced to a certain extent.
Let the new consumption be x.
Then, 1.3P*x = P*Q
Solving for x, we get x = Q/1.3
The percentage reduction in consumption = [(Q-x)/Q]*100
= [(Q-Q/1.3)/Q]*100
= (0.3/1.3)*100
= 300/13%
Therefore, the consumer must reduce his consumption by 300/13% to keep the expenditure same.
Hence, option (c) is the correct answer.
Let the initial price of the commodity be P and the initial consumption be Q.
Then, the initial expenditure = P*Q
After the price increase, the new price = P + (30/100)*P = 1.3P
To keep the expenditure same, the new consumption should be reduced to a certain extent.
Let the new consumption be x.
Then, 1.3P*x = P*Q
Solving for x, we get x = Q/1.3
The percentage reduction in consumption = [(Q-x)/Q]*100
= [(Q-Q/1.3)/Q]*100
= (0.3/1.3)*100
= 300/13%
Therefore, the consumer must reduce his consumption by 300/13% to keep the expenditure same.
Hence, option (c) is the correct answer.
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If the price of a commodity is increased by 30%, by how much % a consumer must reduce his consumption so to keep the expenditure same ?a)100/13b)200/13c)300/13d)400/13Correct answer is option 'C'. Can you explain this answer?
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