Examlex
What does an operations manager do?
Total Revenue Test
A method used to assess the impact of price changes on total revenue, analyzing if a product is elastic or inelastic in demand.
Elasticity
A measure of how much the demand or supply of a product changes in response to a change in price.
Total Revenue
The total amount of money a firm receives from the sale of its goods or services, calculated as the product of price and quantity sold.
Inelastic
A characteristic of goods or services for which demand does not significantly change with a change in price.
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