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If the price of an article is increased by 15%, then by how much the household should decrease their consumption so as to keep his expenditure same.
- a)13(1/23) %
- b)13(2/23)%
- c)11(1/23)%
- d)11(2/23)%
- e)None of these
Correct answer is option 'A'. Can you explain this answer?
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Verified Answer
If the price of an article is increased by 15%, then by how much the h...
Answer – a) 13(1/23) % Explanation : Decrease in expenditure = (15/115)*100 = 300/23 %
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If the price of an article is increased by 15%, then by how much the h...
Let's assume the original price of the article is P.
If the price is increased by 15%, the new price will be P + 0.15P = 1.15P.
To keep the expenditure the same, the household needs to decrease their consumption in such a way that the total amount spent remains the same.
Let's assume the original consumption is C.
The original expenditure is given by P * C.
After the price increase, the new expenditure should be the same as before, so we have (1.15P) * (new consumption) = P * C.
Simplifying this equation, we get:
1.15P * (new consumption) = P * C
1.15 * (new consumption) = C
(new consumption) = C / 1.15
To find the percentage decrease in consumption, we need to calculate the difference between the original consumption and the new consumption, and then express it as a percentage of the original consumption.
Percentage decrease in consumption = ((original consumption - new consumption) / original consumption) * 100
Substituting the values, we get:
Percentage decrease in consumption = ((C - C / 1.15) / C) * 100
= ((C * (1 - 1/1.15)) / C) * 100
= ((C * (1.15 - 1) / 1.15) / C) * 100
= (0.15 / 1.15) * 100
= 13.04%
Therefore, the household should decrease their consumption by approximately 13.04% to keep their expenditure the same.
The correct answer is option A) 13(1/23)%.
If the price is increased by 15%, the new price will be P + 0.15P = 1.15P.
To keep the expenditure the same, the household needs to decrease their consumption in such a way that the total amount spent remains the same.
Let's assume the original consumption is C.
The original expenditure is given by P * C.
After the price increase, the new expenditure should be the same as before, so we have (1.15P) * (new consumption) = P * C.
Simplifying this equation, we get:
1.15P * (new consumption) = P * C
1.15 * (new consumption) = C
(new consumption) = C / 1.15
To find the percentage decrease in consumption, we need to calculate the difference between the original consumption and the new consumption, and then express it as a percentage of the original consumption.
Percentage decrease in consumption = ((original consumption - new consumption) / original consumption) * 100
Substituting the values, we get:
Percentage decrease in consumption = ((C - C / 1.15) / C) * 100
= ((C * (1 - 1/1.15)) / C) * 100
= ((C * (1.15 - 1) / 1.15) / C) * 100
= (0.15 / 1.15) * 100
= 13.04%
Therefore, the household should decrease their consumption by approximately 13.04% to keep their expenditure the same.
The correct answer is option A) 13(1/23)%.
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Community Answer
If the price of an article is increased by 15%, then by how much the h...
115*P = 100*100
we need to find (100-p)
P=100*100/115
100-P = 100 -(100*100/115)
=300/23
= 13(1/23)%
we need to find (100-p)
P=100*100/115
100-P = 100 -(100*100/115)
=300/23
= 13(1/23)%
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