Percentage

Quantitative Aptitude(IBPS PO)

Title

45:30

8 of 24 completed

5 of 15 completed

38 of 100 completed

8 of 20 completed

Indian Economy - Understanding the basics of Indian economic system

The price of wheat rises by 40%. By what percentage a person can decrease the consumption of wheat so that his overall budget does not change?

25%

28.56%

14.28%

None of these

Let initial rate of Wheat is 100 Rs./kg and we buy 10 kgs (Suppose)

So the total expenditure = 100 * 10 = 1000 Rs.

Final Price of wheat after a hike of 40% is 140 Rs/kg.

Quantity now bought = 'x' (Suppose)

New Expenditure = 140*x = 1000 Rs. (Since it is constant)

x = 1000/140 = 50/7

We used to buy 10 litres earlier. Now we buy only 50/7.

So %age decrease = (10 - 50/7)/10 * 100% = 28.56% (He should reduce the consumption by 28.56%)