Answer:
Hello, I can help you with math problems.
To find the amount by which the price was reduced, we need to calculate 40% of the original price. We can do this by multiplying the original price by 0.4, which is the decimal form of 40%.
So, the amount by which the price was reduced is:
$$0.4 \times 70 = 28$$
Therefore, the price was reduced by **$28**.