How is Time Elapsed Calculated?

How is Time Elapsed Calculated?

We're just started to us the Time Elapsed Field.  Based on what I'm seeing it calculates time elapsed as number of working days in hours.  In summary if a ticket was opened on Monday at 0800 and Resolved the following Monday at 0800 the report using Time Elapsed would ready 40:00:00.

Is this assumption correct?

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