Price of a commodity has increased by 60 By what per cent must a consumer reduce the consumption of ...........

Quant (SSC) Percentage

Price of a commodity has increased by 60%. By what per cent must a consumer reduce the consumption of the commodity so as not to increase the expenditure?

37%

37.5%

40.5%

60%

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Explanation:

Given,
Increase in price = 60% = 3/5
Applying concept of constancy to get the reduction in consumption,
we get = 3 /5+3 = 3/8
Reduction in % = 3/8 x 100 =37.5%