Here's the excerpt:
Common editorial rates —regardless of whether a project is flat rate or hourly— tend to fall within the ranges indicated below. These should be used only as a rough guideline; rates vary considerably depending on the nature of the work, the time frame of the assignment, the degree of special expertise required, and other factors. The industry standard for a manuscript page, however, is a firm 250 words.
Why is this important? Well if you're in journalism, chances are, you aren't being paid a lot. We've all been there. In fact, some of us are still there. Knowing a standard rate can help journalists/editors negotiate in this rapidly evolving market.
Stuff Journalists Like discuss this in further detail. Here's a great excerpt from their piece on NOT writing and editing for free:
People don’t do this with other professions. People don’t ask doctors to perform operations for free or ask firefighters, “Hey, can you put out this brushfire for my niece?”