The price of petrol rises from ₹ 70/lit to ₹ 80/lit. If the expenditure cannot increase, then the percentage of reduction in consumption is-10%15.5%12.5%14.2%
Question
The price of petrol rises from ₹ 70/lit to ₹ 80/lit. If the expenditure cannot increase, then the percentage of reduction in consumption is-10%15.5%12.5%14.2%
Solution
The problem is asking for the percentage reduction in consumption due to the increase in price.
Here are the steps to solve this problem:
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First, find the percentage increase in the price of petrol. The price increased from ₹70 to ₹80, so the increase is ₹10.
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To find the percentage increase, divide the increase by the original price and multiply by 100. So, (10/70)*100 = 14.28%. This is the percentage increase in price.
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Since the expenditure cannot increase, the percentage reduction in consumption must be equal to the percentage increase in price.
So, the percentage of reduction in consumption is 14.28%.
Therefore, the closest answer is 14.2%.
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