McGhee Manufacturing has just made a product modification and wishes to liquidate its inventory of 2,000 units of the old version of the product, which will become obsolete as soon as the new product hits the market. McGhee markets all its products on the Internet. Advertising the sale on the old product will cost $12,000. It would cost McGhee $5 per unit to dispose of the product if it is not sold. It costs McGhee $10 per unit to ship the product. Manufacturing costs were $40 per unit in variable costs and $15 per unit in fixed costs. The product normally sells for $80 per unit. The customer pays the price of the product plus shipping charges. What is the minimum price that McGhee should charge for the product?
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