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Apple Inc. is planning to introduce a new product line, and the company expects to sell 1,000 units in the first quarter. Calculate the following:

Apple Inc. is planning to introduce a new product line, and the company expects to sell 1,000 units in the first quarter. Calculate the following:

Item

Amount ($)

Total cost of production

$1,100,000

Projected revenue

$2,200,000

Gross profit margin

50%

Requirement: Determine the percentage increase in gross profit margin if the selling price per unit increases by 20%.

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