The discussion centers on the impact of a petrol price increase, which resulted in a 6.7% decrease in mileage and a 4.5% increase in fuel costs. Participants clarify that the rise in petrol price cannot be simply equated to the 4.5% increase in costs, as it must also account for the reduced mileage. The relationship between decreased mileage and increased fuel expenditure is critical for understanding the overall economic impact of petrol price fluctuations.
PREREQUISITESEconomists, automotive industry professionals, and consumers interested in understanding the financial implications of fuel price changes.
No. You are ignoring the given information that the number of miles driven decreased by 6.7%. The fuel costs include the fact that fewer miles were driven. Since fewer miles were driven, the number of gallons of gasoline used decreased, but even so, the total spent on fuel increased.chawki said:Homework Statement
After a rise in price of petrol, the driven mileage dropped by 6.7% , however the fuel costs increased by 4.5%.
Homework Equations
By what percentage did the petrol price rise ?
The Attempt at a Solution
isn't simply 4.5% ?