If the price of petrol becomes Rs 110/litre from Rs 95/litre, by what percentage the consumption of petrol should be reduced by Ravi so that his expenditure remains the same? (correct up to two decimals)
Show answer & explanation
Correct answer: D
Explanation
The Correct answer is option 4 i.e. 13.64%.
Given that
If the price of petrol increases from Rs. 95/liter to Rs. 110/liter,
Ravi's consumption of petrol should be reduced so that his expenditure remains the same
As we know,
Expenditure = Price × Consumption
According to the question;
The percentage of consumption reduced = [(110 - 95)/110] × 100 = 13.64%