—Multi-project wafer (MPW) is commonly used for low-volume IC production. In this paper, we study whether it can be used for medium-volume production. Cost equations are developed to compute the cut-off volume of each chip. We find that MPW approach is viable for medium-volume production. The study can be extended to decide whether a given set of projects should go with MPW and whether to include a project into or remove a project from an MPW program.