1. Individual Problems 6-1 George has been selling 6,000 Tshirts per month for $9.50. When he increased the price to $10.50, he sold only 5,000 Tshirts. Which of the following best approximates the price elasticity of demand? 0 2 0 1.6364 0 1.o909 0 1.8182 Suppose George's marginal cost is $2 per shirt. Before the price change, George's initial price markup over marginal cost was approximately V . George's desired markup is Since George's initial markup, or actual margin, was V than his desired margin, raising the price was 7