Question 57

The price of petrol is increased by 24%. A person wants to increase his expenditure by 14% only. By what percentage (correct to one decimal place), should he decrease his consumption in order to maintain the same level of expenditure ?

Solution

Let the cost of Petrol be ₹100

increase in the price = 24%

i.e; $$\frac{24}{100}\times\ 100=24$$

Increased price = 124

Increase in the expenditure = 14%

i.e; $$\frac{14}{100}\times\ 100$$ = 14

Increased expenditure = 114

Decrease in the Consumption = $$\frac{\left(124-114\right)}{124}\times\ 100\ =\ 8.06\ \simeq\ 8.1\ \%$$

hence answer is option c

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