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The price of petrol increased by 60% in the last one month but Mohit only wishes to increase his expenditure on petrol by 24%. By what percentage will Mohit need to change his consumption?
  • a)
    22.5 % decrease in consumption
  • b)
    25.5 % decrease in consumption
  • c)
    18.5% decrease in consumption
  • d)
    20% decrease in consumption
Correct answer is option 'A'. Can you explain this answer?
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The price of petrol increased by 60% in the last one month but Mohit ...
The Solution is as follows:

Given:
- The price of petrol increased by 60% in the last one month.
- Mohit wishes to increase his expenditure on petrol by 24%.

To find:
- By what percentage will Mohit need to change his consumption?

Assumption:
- We assume that the total expenditure on petrol is directly proportional to the consumption of petrol.

Calculation:

Let's assume the initial price of petrol per unit is 'P' and the initial consumption by Mohit is 'C'.

1. Increase in price:
- The price of petrol increased by 60%, so the new price per unit will be (P + 0.6P) = 1.6P.

2. Increase in expenditure:
- Mohit wishes to increase his expenditure on petrol by 24%.
- Let's assume his initial expenditure was 'E'.
- So, the new expenditure will be (E + 0.24E) = 1.24E.

3. Relationship between expenditure and consumption:
- We assume that the expenditure is directly proportional to the consumption of petrol.
- So, we can write the equation as E = kC, where 'k' is the constant of proportionality.

4. From the above equation, we can find the value of 'k':
- Initially, E = kC.
- After the increase in expenditure, 1.24E = kC.

5. Calculate the value of 'k':
- Divide the two equations obtained in step 4: (1.24E)/(E) = (kC)/(kC).
- We get 1.24 = 1C/C.
- Simplifying, we get C = 1.24C.

6. Calculate the change in consumption:
- The change in consumption can be calculated as (1.24C - C)/C * 100%.
- Simplifying, we get (0.24C/C) * 100% = 24%.

7. Conclusion:
- Mohit needs to decrease his consumption by 24% in order to increase his expenditure on petrol by 24%.

Answer:
- Option (A) 22.5% decrease in consumption.
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Community Answer
The price of petrol increased by 60% in the last one month but Mohit ...
Assuming initial price of petrol to be Rs. 10 per litre.
Let the initial consumption = 10 litre.
Initial expense = Rs. 100
Increase price = Rs. 16
Increased expenditure = 100 x 1.24 = Rs. 124
New consumption possible = 7.75 litre
Decrease in consumption = 2.25 Kg
% change = 22.5%
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We have not inherited this earth from our forefathers, but borrowed it from future generation. These are the words that make us think about our past, present and future just in a single sentence.We are the stewards of the Mother Earth and its natural resources, not the owners. What we have received from our forefathers, its our duty to pass it safely to the next generation and in return we are allowed to use the resources for our livelihood. But instead of using it sustainably we started exploiting Mother Nature for our luxurious needs. And till now we have already exploited it so much that if we do not pay our attention to sustainable development, were surely leading to a disastrous end and nobody else would be responsible for this collateral damage.Sustainable development can be achieved only through changing our consumption patterns which should be matched with the carrying capacity of our planet. For a given region, carrying capacity is the maximum number of individuals of a given species that an areas resources can sustain indefinitely without significantly depleting or degrading those resources. Consequences of unsustainable development are many, but climate change in our planet is occurring as a slow roller coaster. As per a latest computer modelling study published on March 2, 2016 in The Lancet, India will witness 1.36 lakh deaths by 2050 attributable to agriculturally mediated changes caused due to climate change. And, globally over a billion will be killed due to climate change by 2050.Sustainable development can be attained only by sustainable consumptions, which can only be decided by human beings as to how to adapt their lifestyles which reduce the consumption of resources and check the damage being done to ecology. Sustainable development for achieving quality life can only be possible if we sensibly choose our needs and requirements. As a consumer one should be conscious of products which are eco-friendly and resource conservation oriented.Keep India Beautiful (KIB) has been established to promote a Clean, Green Healthy India. KIB believes in enabling communities to take ownership of their projects and of the results. We place utmost emphasis on the awareness that one must Keep India Beautiful as this is the commitment required from every citizen. Any business, industry, community, city or country, if it is not sustainable, it will always be a drain on resources. We are now at the stagewhere we must challenge old thinking, bringing a greater awareness to all that we have to understand what needs to be done for sustainable development. It is important for the betterment of our communities to have a greater awareness of the role that each of us plays in creating a sustainable world.Q. Which of the following is least suitable to describe the passage?

Water, electricity, transport, education, health, financial transactions the average rural resident spends much more time on these pursuits than the average urban resident. The poor urban resident spends much more time on these pursuits than the rich urban resident. Stated differently, since some services have been outsourced, so to speak, the relatively rich person has more time to spend on more productive pursuits. Conversely, the relatively poor person spends a lot of time on unproductive pursuits that are unnecessarily in-sourced. Isnt it surprising that there is little research in India on what poor people spend their time on? If you are poor, you will spend more of your income on food. If you are rich, you will have more discretionary income. There is plenty of stuff on distribution of consumption expenditure, nothing on distribution of time. Part of the reason is lack of data, since the National Sample Survey Office (NSSO) asks questions on consumption expenditure, not on time expended. But surely it would be interesting to obtain answers to such questions?Does it make a difference? Low per capita consumption expenditure and high share of time spent on unproductive pursuits are likely to be correlated. If nothing else, it makes a difference in terms of mindset. Consumption and income are outcomes of a process of engaging with the labour market. Time is more in the nature of an input. We have plenty of public expenditure schemes for what can broadly be called public goods and services. If we focus on consumption expenditure, the mindset is one of enhancing consumption expenditure and income and therefore, the lens becomes one of income transfers and subsidies, rather than the causes of low consumption expenditure or income. If, in addition (not as a replacement), we focus on time, we will begin to recognise that in-sourcing occurs because of a lack of collective goods. Whether it is Union or state resources, the kitty for public expenditure is limited. Because of market failures, there is scope for private-sector engagement in such areas, but it is also limited. Therefore, there is a question of prioritisation in the expenditure of public resources.Q. What can be inferred from the statement Consumption and income are outcomes of a process of engaging with the labour market?

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The price of petrol increased by 60% in the last one month but Mohit only wishes to increase his expenditure on petrol by 24%. By what percentage will Mohit need to change his consumption?a)22.5 % decrease in consumptionb)25.5 % decrease in consumptionc)18.5% decrease in consumptiond)20% decrease in consumptionCorrect answer is option 'A'. Can you explain this answer?
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