Solve the Problem. -A Certain Store Has a Fax Machine Available for Use

question 371

Multiple Choice

Solve the problem.
-A certain store has a fax machine available for use by its customers. The store charges $2.40 to send the first page and $0.45 for each subsequent page. The total price, P, for the faxing x pages can be modeled by the Formula P = 0.45(x - 1) + 2.40. Determine the number of pages that can be faxed for $6.45.

• A)14 pages
• B)3 pages
• C)57 pages
• D)10 pages

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Definitions:

Economic Rent

The excess payment made to a factor of production over and above what is needed to keep it in its current use.

Land

In economics, it refers to all natural resources used to produce goods and services, one of the factors of production.

Profits

The financial gain achieved when the revenues generated from business activities exceed the expenses, costs, and taxes needed to sustain the activity.

Joseph Schumpeter

An economist known for his theory on business cycles and for coining the term "creative destruction" to describe the process of innovation in economics.