When the price of a product was decreased by 10%, the number sold increased by 30%. What was the effect on the total revenue?
Answer
Answer (as printed):
Explanation
Let the price of the product be ₹100 and let original sale be 100 pieces. Then, Total Revenue = ₹(100 × 100) = ₹10000. New revenue = ₹(90 × 130) = ₹11700. $\therefore$ Increase in revenue $=\left(\frac{1700}{10000} \times 100\right) \%=17 \%$.
Explanation as extracted from the printed page; notation may be imperfect.