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Another product M, was produced with a total cost of RM20 per unit sold. The cost breakdown is as follows: Setting MR equal to MC:
Another product M, was produced with a total cost of RM20 per unit sold. The cost breakdown is as follows: Setting MR equal to MC: Marginal Cost per unit of product \\( M= \\) variable cost per unit \\( = \\) RM14 The Marginal revenue (MR) and Demand functions for product M are: \\[ \\begin{array}{l} \\mathrm{MR}=230-0.6 \\mathrm{X} \\\\ \\mathrm{P}=230-0.3 \\mathrm{X} \\end{array} \\] Where \\( \\mathrm{p}= \\) price, \\( \\mathrm{X}= \\) Quantity demanded per period. Required: What is the profit-maximizing selling price of product \\( \\mathrm{M} \\) and what quantity will be sold per period at this price
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