To find the price of the item after the 30% reduction, we can use the following formula:
New Price = Original Price - (Percent Reduction/100) * Original Price
Plugging in the given values, we get:
New Price = 80 - (30/100) * 80
New Price = 80 - 24
New Price = 56
Therefore, the price of the item after the 30% reduction is $56.