The souvenir sheets are designed and printed for the postal service, a stamp agency service company. The souvenir sheets cost the postal service $1.15 each. Company has been selling these souvenir sheets for $10.00 each and ordinarily sells about 61,000 units. To test the market, the postal service recently priced a new souvenir sheet at $11.00 and sales dropped to 51,000 units.
Estimate the price elasticity of demand for the souvenir sheets and Estimate the profit-maximizing price for souvenir sheets.