SOLUTION: When the price of a commodity is increase by 50%,then by how much percentage its consumption should be decreased such that the expenditure on the commodity increase by 20%?

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Question 976644: When the price of a commodity is increase by 50%,then by how much percentage its consumption should be decreased such that the expenditure on the commodity increase by 20%?
Answer by FrankM(1040) About Me  (Show Source):
You can put this solution on YOUR website!
The price is now 150% of the previous price. You wish to pay out just 120% so you need to cut consumption to 120/150 = 80% of prior level.