Question
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.)
Solution
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
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