Question: What is the major difference between a static budget and a flexible budget? O The number of production levels that are used in the forecast

What is the major difference between a static budget and a

What is the major difference between a static budget and a flexible budget? O The number of production levels that are used in the forecast O The budget period used to forecast production The types of revenues and costs associated with The ability to modify budget figures based on results the projected production actual production

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LO6.2 Explain the usefulness of the total-revenue test for price elasticity of demand.

LO6.1 Discuss price elasticity of demand and how it is calculated.

LO6.3 List the factors that affect price elasticity of demand and describe some applications of price elasticity of demand.