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Answer:
Let's break down the calculation:
Price Difference: We first calculate the difference between the original price (2,970 pesos per barrel) and the new price (2,750 pesos per barrel). This difference is 220 pesos per barrel (2970 - 2750).
Original Price as Baseline: We consider the original price (2,970 pesos per barrel) as the baseline for calculating the percentage change. This represents 100% in our calculation.
Proportion of Decrease: We then divide the price difference (220 pesos per barrel) by the original price (2,970 pesos per barrel). This gives us a proportion of the decrease (0.0741).
Percentage Decrease: To express the proportion as a percentage, we multiply it by 100. Therefore, the percent decrease in oil prices is approximately 7.41% (0.0741 * 100).
In conclusion, the price decrease in oil represents a decline of approximately 7.41% compared to the original price.
Step-by-step explanation:
Answer:
Original Given:
- Original Price of oil: 2,970 pesos per barrel
- New Price of oil: 2,750 pesos per barrel
Solution:
1. Calculate the Decrease in Price:
Decrease = Original Price - New Price
Decrease = 2,970 pesos - 2,750 pesos
Decrease = 220 pesos
2. Calculate the Percent Decrease:
Percent Decrease = (Decrease / Original Price) x 100%
Percent Decrease = (220 pesos / 2,970 pesos) x 100%
Percent Decrease = 0.074 x 100%
Percent Decrease = 7.4%
Therefore, the percent decrease in oil prices from 2,970 pesos per barrel to 2,750 pesos per barrel is 7.4%.