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Marginal cost of production

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Titan inc. is the sole producer of a specialized chip. It has estimated that the elasticity of demand for the chip is -1.5. The marginal cost of production is $500.

A. What price will Titan inc. set for the chips?

B. If the marginal cost of the production increases to $550, what will be the new price set by the firm?

Reference no: EM131100682

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Marginal cost of production : Titan inc. is the sole producer of a specialized chip. It has estimated that the elasticity of demand for the chip is -1.5. The marginal cost of production is $500.
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