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When the price of rice is increased by 30 percent, a family reduces its consumption such that the expenditure is only 20 percent more than before. If 50 kg of rice is consumed by family before, then find the new consumption of family (approx.)
- a)43kg
- b)44kg
- c)45kg
- d)46kg
- e)None of these
Correct answer is option 'D'. Can you explain this answer?
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Verified Answer
When the price of rice is increased by 30 percent, a family reduces it...
Answer – d) 46kg Explanation : Suppose initially price per kg of rice is 100 then their expenditure is 5000.
Now their expenditure is only increased by only 20% i.e – 6000.
Increased price of rice = 130.
So new consumption = 6000/130 = 46
Now their expenditure is only increased by only 20% i.e – 6000.
Increased price of rice = 130.
So new consumption = 6000/130 = 46
Most Upvoted Answer
When the price of rice is increased by 30 percent, a family reduces it...
Given data:
- Original consumption = 50 kg
- Price increase = 30%
- Expenditure increase = 20%
To find: New consumption of rice (approximate)
Let's assume the original price of rice was $1 per kg, so the family was initially spending $50 on rice consumption. Now, with a 30% increase in price, the new price of rice is $1.3 per kg.
Let's say the new consumption of rice is x kg, so the new expenditure on rice consumption is $1.3x.
As per the given data, the new expenditure is only 20% more than the original expenditure. So we can write:
$1.3x = $50 x 1.2
$1.3x = $60
x = $60 / $1.3
x = 46.15 kg (approx.)
Therefore, the new consumption of rice (approx.) is 46 kg. Hence, option D is the correct answer.
- Original consumption = 50 kg
- Price increase = 30%
- Expenditure increase = 20%
To find: New consumption of rice (approximate)
Let's assume the original price of rice was $1 per kg, so the family was initially spending $50 on rice consumption. Now, with a 30% increase in price, the new price of rice is $1.3 per kg.
Let's say the new consumption of rice is x kg, so the new expenditure on rice consumption is $1.3x.
As per the given data, the new expenditure is only 20% more than the original expenditure. So we can write:
$1.3x = $50 x 1.2
$1.3x = $60
x = $60 / $1.3
x = 46.15 kg (approx.)
Therefore, the new consumption of rice (approx.) is 46 kg. Hence, option D is the correct answer.
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