Examlex
Graph the equation.
Variable Costs
Costs that change in direct proportion to sales.
Price Elastic
Refers to how sensitive the demand for a product is to changes in its price; high elasticity indicates demand significantly changes with price adjustments.
Price Inelastic
Describes a situation where the demand for a product does not significantly change with a change in its price.
Price Volatile
Referring to how quickly and to what extent the price of a commodity or asset can change within a short period of time.
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