If a competitor develops a substitute for the magnometer, Econometrics

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If a competitor develops a substitute for the magnometer

Unique Creations holds a monopoly position in the production and sale of magnometers. The cost function facing Unique is estimated to be
TC = $100,000 + 20Q

a. What is the marginal cost for Unique?

b. If the price elasticity of demand for Unique is currently -1.5, what price should Unique charge?

c. What is the marginal revenue at the price computed in Part (b)?

d. If a competitor develops a substitute for the magnometer and the price elasticity increases to -3.0, what price should Unique charge?

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