Answer:
P=40 and y was decreased by 40%
Explanation:
Let's set up an equation as follows. In this case, we will set y will be equivalent to 1, as the number can be any value for this equation in the other fraction as the original number. Let us then represent the new number, 0.6y, or 0.6*1 which will be equivalent to 0.6 itself, and we will set that equal to 100-p as p will be the amount of percent it was decreased by. Here is the equation as follows:

We can use a method of solving fractions that is known as the Cross-multiplication property, which demonstrated in the image attached below this answer. Using this property, we can determine and simplify the equation to as follows:
, which can be simplified to
, and then solving the equation gives us the answer:

P=40