If the price of sugar increases by , by what percentage must a household reduce its consumption so that the expenditure on sugar remains unchanged?
Answer and explanation
Correct answer: C.
- Step 1: Let original price be and original consumption be , so expenditure is .
- Step 2: New price becomes . For expenditure to stay , new consumption must be .
- Step 3: Reduction in consumption is , which is .
Answer
.
Why not the others: assumes consumption reduction equals the price increase percentage; is an arithmetic underestimate; and corresponds to a increase.
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