Keep in mind this includes an 4 sheets of B&W, the envelope, packaging, and labor costs associated with stuffing it into an letter, addressing it, and then mailing it. So $0.45 for one sheet is not exactly correct.
Isn't the stuffing automated? Heck I've seen some awesome machinery that takes bulk mail (assorted sizes), OCRs the info, opens it, retrieves the letter (check in this case)and then scans that for processing (putting aside illegible / odd cases).
Yes but what is the cost of those machines? And what is the cost of the service that uses those machines?