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When a tech company introduced its new mobile phone, it had few competitors and so it set a price of $500 when its unit cost was $350. The econonomics consulting firm it hired to estimate the demand elasticity confirmed this was the optimal price. Since then, entry has occurred that make customers more price conscious. When the economics consulting firm re-established the demand elasticity, it found that demand had become more price elastic at 4. The cost reducing measure the firm recommended resulted in a unit cost of $300. Given this information, what is the optimal price the company should charge?
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