If the price of rice is raised by 20%, then by what percent should a person reduce his consumption of rice...

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17. If the price of rice is raised by 20%, then by what percent should a person reduce his consumption of rice so that his expenditure remains the same? (correct to one decimal place)

SnapAndSolve AI · Accepted Answer

Let the original price of rice be 100 units and the original consumption be 100 units, making the expenditure 100 * 100 = 10,000 units.

After a 20% increase, the new price is 120 units.

To keep the expenditure the same, the new consumption should be 10,000 / 120 = 83.33 units.

The reduction in consumption is 100 - 83.33 = 16.67 units.

The percentage reduction in consumption is (16.67 / 100) * 100 = 16.67%.

Answer: 16.7%

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If the price of rice is raised by 20%, then by what percent should a person reduce his consumption of rice...

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