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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


Team Careers360 25th Jan, 2024
Answer (1)
Team Careers360 27th Jan, 2024

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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