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Question

Due to increase of 15% in the price of milk, a family reduces its consumption of milk by 15%. What was the effect on expenditure of that family on account of milk?

A
2.50% decrease
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B
2.25% decrease
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C
2% decrease
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D
5% decrease
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Solution

The correct option is B 2.25% decrease

Expenditure = Price ×Quantity

Given that Price increases by 15% and Consumption (quantity) decreases by 15%

Price=Price+(15100)×Price=(115100)×PriceQuantity=Quantity(15100)×Quantity=(85100)×QuantityExpenditure=Price×Quantity=(115100)×(85100)×(Price×Quantity)Expenditure=0.9775×Expenditure=(10.02225)×Expenditure=Expenditure(2.25100)×Expenditure

Expenditure=Expenditure2.25% ofExpenditure

Expenditure decreases by 2.25%


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