The price of oil decreased from $54 per barrel to $50 per barrel. What is the percent decrease in oil prices?

7.40 percent

the answer is a 8% increase

What is the discount for the iPod in Exercise 2?

To find the percent decrease in oil prices, we need to calculate the decrease in price in relation to the original price, and then express it as a percentage.

First, let's find the amount of decrease:
Original price = $54 per barrel
New price = $50 per barrel

Decrease = Original price - New price
Decrease = $54 - $50
Decrease = $4

Next, let's express the decrease as a percentage of the original price:
Percent Decrease = (Decrease / Original price) * 100

Percent Decrease = ($4 / $54) * 100
Percent Decrease ≈ 7.41% (rounded to two decimal places)

Therefore, the percent decrease in oil prices is approximately 7.41%.