Solve the Problem. -A License Plate Is to Consist of 3 Letters Followed

question 150

Multiple Choice

Solve the problem.
-A license plate is to consist of 3 letters followed by 5 digits. Determine the number of different license plates possible if the first letter must be an N , M , or P and repetition of letters and
Numbers is not permitted.

• A)9,072,000
• B)54,432,000
• C)272,160,000
• D)54,522,000

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Definitions:

Cost-Justified

A determination that an expense, investment, or action is deemed reasonable or worthwhile based on its cost.

Robinson-Patman Act

is a United States federal law that prohibits anticompetitive practices by producers, specifically price discrimination.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount they actually do pay.

Producer Surplus

The disparity between what sellers are prepared to accept for a product or service and the amount they actually get.