Question
Download Solution PDFFor three consecutive years, the costs of a product were Rs. 114 per litre, Rs. 228 per litre and Rs. 285 per litre respectively. If a common man spends an average of Rs.12540 per year on that product, then what is the average cost of that product per litre for the three years? (In Rs.)
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Cost of product in 1st year = Rs. 114 per litres
Cost of product in 2nd year = Rs. 228 per litres
Cost of product in 3st year = Rs. 285 per litres
Formula used:
Average cost = Total cost / Number of product
Calculation:
Number of product in 1st year = 12540 / 114 = 110
Number of product in 2nd year = 12540 / 228 = 55
Number of product in 3rd year = 12540 / 285 = 44
Average cost = (3 × 12540) / (110 + 55 + 44)
⇒ 37620 / 209
⇒ 180 per litres
∴ The average cost of that product per litre for the three years is Rs. 180 per litres
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