George has been selling 7,000 T-shirts per month for $7.00. When he increased the price to $9.00, he sold only 6,000 T-shirts. Which of the following best approximates the price elasticity of demand? -0.6769   -0.6154   -0.3077   -0.5538     Suppose George's marginal cost is $4 per shirt. Before the price change, George's initial price markup over marginal cost was approximately    . George's desired markup is    .   Since George's initial markup, or actual margin, was   than his desired margin, raising the price was

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