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The price of oil decreased from 2,970 pesos per barrel to 2,750 pesos per barrel. whatis the percent decrease in iol prices​

Sagot :

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%.