Percentage

Quantitative Aptitude(Banking)

Title

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Indian Economy - Understanding the basics of Indian economic system

The price of what falls by 16%. By what percentage a person can increase the consumption of wheat so that his overall budget does not change?

0.16

0.18

0.185

19%

Let the initial price of wheat = 100 and the Consumption is also 100.

(i.e the person can consume a quantity of 100 units in 100 units of money)

After the fall, Price = 100 - 100*16% = 84 and Consumption hence could be 84.

But we want to Consume the same Quantity as usual.

So %age increase in Consumption (To make the consumption from 84 to 100 again) = (100 - 84)/84 * 100% = 19.04% Appx.