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Question 7
Wheat is now being sold at Rs. 27 per kg. During last month its cost was Rs. 24 per kg. Find by how much per cent a family reduces its consumption so as to keep the expenditure fixed.
Solution
Old price of rice = Rs.24/k
New price of rice = Rs.27 per/kg
Therefore, Increase in price of rice = New price - Old price = 27 - 24 = Rs.3/kg
Therefore, Increased percentage in price
= 3/24×100=12.5 %
Now, reduction in consumption, so as to keep the expenditure fixed.
According to the formula,
$$\frac{a}{100+a}\times\ 100$$
= $$\frac{12.5}{100+12.5}\times\ 100$$
=11.1 %
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