Question about leverages.

Please ensure you can satisfy the requirements and the text you provide is in comprehensible academic English.

What are operating and financial leverage? What is the benefit of using operating and financial leverage? Do companies benefit from using this? In what way? Do financial leverage changes affect Earnings Before Interest and Taxes (EBIT)? Total 350 words. Original text, NO plagarism. In text citations and references at the end of the texts required. References only from reputable websites (FT, Economist, HBR, MIT Sloan Review) and academic journals please. Wikipedia is not a reference