5. URI basketball T-Shirts are priced at $20 sell at a rate of 30 t-shirts per week, but when the URI bookstore marks them down to $15, it finds that it can sell 100 t-shirts per week. What is the price elasticity of demand for the URI basketball T-shirts? Please calculate using the mid-point formula. Is it elastic, inelastic or unit elastic and WHY? Did the t-shirt make a good decision in lowering the price of t-shirts? WHY OR WHY NOT? Explain by calculating the price elasticity of demand using the midpoint formula and total revenue for each price at $20 and $15 and then use the rules for the price elasticity of demand and the price-total revenue test format to see if t- shirts are elastic, inelastic or unit elastic and WHY and whether it was a good decision for the URI Bookstore to lower or raise the price of URI basketball t-shirts