George has been selling 5,500 T-shirts per month for $9.50. When he increased the price to $10.50,
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George has been selling 5,500 T-shirts per month for $9.50. When he increased the price to $10.50, he sold only 4,500 T-shirts. What is the price elasticity of demand? What is the original price markup? Will you advise George to increase the price to generate more profits if the marginal cost per T-shirt is $6?
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