Based on the best available econometric estimates, the market elasticity of demand for your firm’s product is -3. The marginal cost of producing the product is constant at $225, while average total cost at current production levels is $315. Determine your optimal per unit price if:
1) You are a monopolist.
2) You compete against one other firm in a Cournot oligopoly.
3) You compete against 19 other firms in a Cournot oligopoly.