Question : Due to an increase of 20 percent in the price of rice, the consumer decreases his consumption by 5 percent. What is the percentage change in total expenditure?
Option 1: 10 percent
Option 2: 15 percent
Option 3: 12 percent
Option 4: 14 percent
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Correct Answer: 14 percent
Solution :
Increase in Price = 20%
Decrease in consumption = 5%
⇒ Percentage change in expenditure $= 20\% - 5\%-\frac{20\%\times5\%}{100}$
= 15% - 1%
= 14%
Hence, the correct answer is 14 percent.
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