Zach Uses His Car for Business and Must Keep Accurate

question 11

Essay

Zach uses his car for business and must keep accurate driving records so that his company will reimburse him for car expenses.When he started his trip,the odometer read 26,645.When he returned home,the odometer read 28,017.Zach's car gets about 48 miles per gallon.If the tank was full at the beginning of the trip and it cost $62.28 to fill the tank at the end of the trip,what price did Zach pay per gallon?

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Definitions:

Economic Profit

The variance between cumulative revenue and aggregate outlays, covering both manifest and concealed costs.

Competitive Market

A competitive market is one in which a large number of buyers and sellers interact, leading to goods and services being offered at market-determined prices with minimal barriers to entry or exit.

Market Price

The current value at which a good or service can be bought or sold in a market.

Economic Profits

The discrepancy between a corporation's total earnings and all of its costs, covering both overt and hidden expenses.