The price of rice is decreased by 8\(\frac{1}{3}\)%. Find by how much percent a man should increases his consumption so that the expenditure remains same?
Answer & explanation
Correct answer: option 3
Price × Consumption = Expenditure
*(If expenditure remains same the price is inversely proportional to consumption)
Therefore,
8\(\frac{1}{3}\)% = \(\frac{1}{12}\)
Price ratio: 12 : 11
Consumption: 11 : 12 ⇒ 1 (increased by)
Hence,
Increased percentage = \(\frac{1}{11}\) × 100% = 9\(\frac{1}{11}\)%