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What are managerial roles and what are the three main categories of managerial roles?
Price Elasticity
The quantification of demand elasticity for a product relative to the shifts in its price.
Total Expenditures
The sum total of all spending or expenses incurred by an individual, business, or government.
Demand Curve
A graphical representation that shows the relationship between the price of a good and the quantity demanded by consumers, typically downward sloping.
Price Elasticity
The measure of how much the quantity demanded of a good responds to a change in the price of that good.
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