If the price of petrol has increased from Rs. 40 per litre to Rs. 60 per litre, by how much percent a person has to decrease his consumption so that his expenditure remains same
Question
If the price of petrol has increased from Rs. 40 per litre to Rs. 60 per litre, by how much percent a person has to decrease his consumption so that his expenditure remains same
Solution
To solve this problem, we need to find the percentage increase in the price of petrol first.
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The initial price of petrol was Rs. 40 per litre and the final price is Rs. 60 per litre. So, the increase in price is Rs. 60 - Rs. 40 = Rs. 20.
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Now, we find the percentage increase in price. The formula for percentage increase is (Increase in Value/Original Value) * 100. Substituting the given values, we get (20/40) * 100 = 50%. So, the price of petrol has increased by 50%.
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Now, in order for the expenditure to remain the same, the consumption should decrease by the same percentage as the increase in price. So, the person has to decrease his consumption by 50%.
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