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As indicated in the Making Ethical Decisions box titled,"Safety versus Profit",organization decisions that affect profits in a negative way should be avoided at all cost.
As indicated in the Making Ethical Decisions story,how your organization performs the job is very important.Setting an organization culture is as important as setting an organization structure.Adhering to safety precautions when doing the job demonstrates management's commitment to their employees.
Total Revenue
The gross income a corporation achieves by trading products or delivering services across a certain span of time.
Elastic Demand
A situation in which the demand for a product is sensitive to price changes, meaning a small change in price leads to a larger change in quantity demanded.
Price Elasticity
An indicator that measures the impact on the quantity of a good demanded when there is a change in its price level.
Midpoint Method
A technique used to calculate elasticity by averaging the two points on a demand or supply curve and considering the percentage change from the average.
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