The price of oil is increased by 20%. However, its consumption decreased by $$8\frac{1}{3}\%$$. What is the percentage increase or decrease in the expenditure on it?
Increment = 20%
Decrement =Â $$8\frac{1}{3}\%$$ = $$\frac{25}{3}$$%
Percentage chane = +20% - $$\frac{25}{3}\% - \frac{20 \times \frac{25}{3}}{100}$$%
= +20% - $$\frac{25}{3}\% - \frac{5}{3}$$%
= $$\frac{60 - 25 - 5}{3} = \frac{30}{3}$$ = +10%
Percentage increase in the expenditure is 10%.
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