The products profit-maximizing price is closest

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Gorry Company's management has found that every 6% increase in the selling price of one of the company's products leads to a 10% decrease in the product's total unit sales. The product's absorption costing unit product cost is $12. The variable production cost of the product is $3 per unit and the variable selling and administrative cost is $5.50 per unit.

According to the formula in the text, the product's profit-maximizing price is closest to

Reference no: EM13787732

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