Let x represent the price of an orange and
y represent the number of oranges that can be bought
xy = 240k, y = $\frac{240}{x}$.....(i)
If the price of an oranges is raised by $\frac{1}{2}$k per orange, number that can be bought for N240 is reduced by 16
Hence, y - 16 = \(\frac{240}{x + \frac{1}{2}\)
= $\frac{480}{2x+1}$
= $\frac{480}{2x+1}$.....(ii)
subt. for y in eqn (ii) $\frac{240}{x}$ - 16
= $\frac{480}{2x+1}$
= $\frac{240-16x}{x}$
= $\frac{480}{2x+1}$
= (240 - 16x)(2x + 1)
= 480x
= 480x + 240 - 32x² - 16
480x = 224 - 32x²
x² = 7
x = $\sqrt{7}$
= 2.5
= 2$\frac{1}{2}$k