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If the price of gasoline increases by 25% and Ron intends to spend onl

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If the price of gasoline increases by 25% and Ron intends to spend onl  [#permalink]

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New post 15 Mar 2016, 11:40
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A
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Question Stats:

69% (02:03) correct 31% (01:56) wrong based on 148 sessions

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If the price of gasoline increases by 25% and Ron intends to spend onl  [#permalink]

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New post 15 Mar 2016, 18:46
1
Let price of original price of gasoline = 10$
and let original consumption of gasoline = 10
Amount spend on gasoline originally = 10*10 = 100$

the price of gasoline increases by 25% and Ron intends to spend only 15% more on gasoline
Increased price of gasoline = 12.5$
Now Ron intends to spend on gasoline =1.15*100 = 115$
Consumption of gasoline needs to be = 115/12.5
= 1150/125
= 46/5 = 9.2
Reduction in consumption of gasoline = 10-9.2 = .8
% reduction in consumption of gasoline = .8/10 * 100%
= 8%
Answer B
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Re: If the price of gasoline increases by 25% and Ron intends to spend onl  [#permalink]

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New post 14 May 2016, 10:15
2
Bunuel wrote:
If the price of gasoline increases by 25% and Ron intends to spend only 15% more on gasoline, by how much percent should he reduce the quantity of gasoline that he buys?

A. 6.66%
B. 8%
C. 10%
D. 12%
E. 12.5%

Let he consumes 10 ltr RS 10 so he spends Rs 100
As er question he intends to spend 15% more (of 100 in our case)=Rs 115
and price increased by 25% =Rs. 12.5 (10+25% of 10)
let he reduces quantity by X lts. then consumed(new reduced) quantity= 10(1-X/100)
Spending amount=Price of gasoline*Quantity
115=12.5*10(1-X/100)
X=8%
Ans B
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If the price of gasoline increases by 25% and Ron intends to spend onl  [#permalink]

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New post 08 Sep 2017, 15:02
2
rohit8865 wrote:
Bunuel wrote:
If the price of gasoline increases by 25% and Ron intends to spend only 15% more on gasoline, by how much percent should he reduce the quantity of gasoline that he buys?

A. 6.66%
B. 8%
C. 10%
D. 12%
E. 12.5%

Let he consumes 10 ltr RS 10 so he spends Rs 100
As er question he intends to spend 15% more (of 100 in our case)=Rs 115
and price increased by 25% =Rs. 12.5 (10+25% of 10)
let he reduces quantity by X lts. then consumed(new reduced) quantity= 10(1-X/100)
Spending amount=Price of gasoline*Quantity
115=12.5*10(1-X/100)
X=8%
Ans B


For wondering minds, "Rs" in the solution above is short for "Rupee" - a monetary unit in India.

This is how I solved...

Let the initial cost of gas before the hike be $100/gal
Price hike given = 25%
=> New gas price per gallon is $125

Also given, Ron can only spend 15% more of what he used to afford. It is to be understood from the prompt that he was able to afford a full gallon (which means he used to get 1 gal of gas) before the hike. So, he was able to afford $100 before the hike but now he can only afford 15% more of $100. Therefore, he could only pay $115.

You get what you pay, so instead of getting a full gallon of gas, he will now only get 0.92 gal [For $125 you get 1 gal, for $115 - how many? => \(\frac{1}{125}\)*115].

Finally, find the percentage decrease in the amount of gas from before and now.

Percentage Decrease =\(\frac{0.92 - 1}{1}\)*100
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Re: If the price of gasoline increases by 25% and Ron intends to spend onl  [#permalink]

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New post 08 Sep 2017, 23:59
2
1
Bunuel wrote:
If the price of gasoline increases by 25% and Ron intends to spend only 15% more on gasoline, by how much percent should he reduce the quantity of gasoline that he buys?

A. 6.66%
B. 8%
C. 10%
D. 12%
E. 12.5%


Let price of gasoline earlier = 100

So price of gasoline Later = 125 (25% higher)

Let consumption earlier = 100
So total expense earlier = 100*100 = 10000

New total expense = 11500 (15% higher)
New consumption of gasoline = 11500/125 = 92

Now, the consumption has changed from 100 to 92

hence, 8% decrease

Answer: Option B
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Re: If the price of gasoline increases by 25% and Ron intends to spend onl  [#permalink]

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New post 09 Sep 2017, 02:48
Let the consumption be C , price of petrol be X and quantity consumed Y
Than we have C=X*Y
After price increase we have 1.15C=1.25X*a*Y
Where a is the percent of quantity decreased
Solving the above two equations we have a=92% of 8 % decrease.
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Re: If the price of gasoline increases by 25% and Ron intends to spend onl  [#permalink]

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New post 18 Feb 2019, 00:17
Bunuel wrote:
If the price of gasoline increases by 25% and Ron intends to spend only 15% more on gasoline, by how much percent should he reduce the quantity of gasoline that he buys?

A. 6.66%
B. 8%
C. 10%
D. 12%
E. 12.5%


Initial price = $ 100
Increased price = $ 125

Initial expenditure = 100
New expenditure = 115

If he wants to reduce the consumption = {(125 - 115)/125} * 100 = 8%

B
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Re: If the price of gasoline increases by 25% and Ron intends to spend onl  [#permalink]

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Re: If the price of gasoline increases by 25% and Ron intends to spend onl   [#permalink] 16 May 2020, 07:05

If the price of gasoline increases by 25% and Ron intends to spend onl

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