As a manager of a firm you find the marginal cost of the firm to be $10 and the fixed cost $100.

As a manager of a firm you find the marginal cost of the firm to be $10 and the fixed cost $100. For the range of prices that you are planning to charge, own price elasticity of demand is believed to be –1.5. Calculate the optimal (profit maximizing) price that you should charge. Show all calculations."