of weed is increased by 7%. By how much percent should a pot smoker reduce his consumption of weed to have no extra expenditure?:shocked
***Just checking my answer on this one, as there is a conflict with the official answer.
Let X be the price of stuff. The price has just gone up to 107/100*x. In order for the price to be x again, we need to buy 100/107 of it. In terms of percentage change, this is 1-100/107 or 7/107 or 700/107%.
The correct answer is A.
Former Senior Instructor, Manhattan GMAT and VeritasPrep
Vice President, Midtown NYC Investment Bank, Structured Finance IT
MFE, Haas School of Business, UC Berkeley, Class of 2005
MBA, Anderson School of Management, UCLA, Class of 1993