Examlex
What are the five Vs of big data? Give an example of each and explain why it is important that organisations be able to manage, process and analyse the five Vs of big data.
Elastic
A description of a situation where the demand or supply for a good or service significantly changes in response to a change in price.
Inelastic
Describes a situation where the demand or supply for a product does not change significantly when the price of the product changes.
Elasticity of Demand
A measure of how much the quantity demanded of a good responds to a change in the price of that good, expressed as a percentage.
Total Revenue
The total amount of money a firm receives from the sale of its goods or services before any expenses are subtracted.
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