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If the price of rice is raised by 20%, then by what percentage should a person reduce his consumption of rice so that his
expenditure remains the same? (correct to one decimal place)
14.7%
18.7%
16.7%
12.7%
- The price of rice increases by 20%.
- We need to find out how much to decrease consumption to keep expenditure the same.
- If the price goes up by 20%, the new price is 120% of the original.
- To maintain the same expenditure: (new price) × (new consumption) = (old price) × (old consumption).
- The consumption should reduce to (100/120) of the original amount to balance the 20% price increase.
- This means consumption should be reduced by 1 - (100/120).
- Calculation: (20/120) × 100 = 16.7%.
- Correct Answer: Option 3 - 16.7%
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