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The price of sugar is increased by 20%. How much we reduced the consumption so that the price would not increase?
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The price of sugar is increased by 20%. How much we reduced the consum...
- Firstly, let's calculate how much the price of sugar will increase with a 20% hike.
Calculation of Price Increase:
- Let the original price of sugar be $x.
- After a 20% increase, the new price will be $1.20x.
- Now, let's assume the original consumption of sugar is y units.
Calculation of Reduced Consumption:
- To ensure that the price does not increase, the total amount spent on sugar should remain the same.
- Initially, the total expenditure on sugar = x * y
- After the price hike, the total expenditure = 1.20x * z, where z is the reduced consumption.
- Equating the two expressions:
x * y = 1.20x * z
y = 1.20z
z = y / 1.20
z = 5y / 6
Therefore, the consumption of sugar should be reduced by 1/6th or approximately 16.67% to keep the total expenditure on sugar the same despite the price increase.
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The price of sugar is increased by 20%. How much we reduced the consumption so that the price would not increase?
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The price of sugar is increased by 20%. How much we reduced the consumption so that the price would not increase? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about The price of sugar is increased by 20%. How much we reduced the consumption so that the price would not increase? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The price of sugar is increased by 20%. How much we reduced the consumption so that the price would not increase?.
The price of sugar is increased by 20%. How much we reduced the consumption so that the price would not increase? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about The price of sugar is increased by 20%. How much we reduced the consumption so that the price would not increase? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The price of sugar is increased by 20%. How much we reduced the consumption so that the price would not increase?.
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