The price of cooking oil has increased by 15 | vedclass

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Question

(B) Let the initial price of cooking oil be $100$ units and the initial consumption be $100$ units. Initial expenditure = $100 	imes 100 = 10000$ uni

Vedclass · Accepted Answer

$13 \frac{1}{23} \%$

Vedclass · Answer

(B) Let the initial price of cooking oil be $100$ units and the initial consumption be $100$ units. Initial expenditure = $100 	imes 100 = 10000$ units. New price after $15 \%$ increase = $115$ units. To keep the expenditure constant at $10000$ units,let the new consumption be $x$. $115 	imes x = 10000$ $x = \frac{10000}{115} = \frac{2000}{23} \approx 86.95$ units. Reduction in consumption = $100 - 86.95 = 13.05$ units. Using the formula for percentage reduction: $	ext{Reduction} \% = \left( \frac{P}{100+P} 	imes 100 ight) \%$,where $P = 15$. $	ext{Reduction} \% = \left( \frac{15}{115} 	imes 100 ight) \% = \left( \frac{3}{23} 	imes 100 ight) \% = \frac{300}{23} \% = 13 \frac{1}{23} \%$.

The price of cooking oil has increased by $15 \%$. The percentage of reduction that a family should effect in the use of cooking oil so as not to increase the expenditure on this account is:

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