In 2012, some electronics firms began offering Ultra HD, often called 4K, televisions. These televisions offer a crisper picture than conventional HD televisions. Initially, these televisions had prices as high as $20,000. One electronics industry analyst was quoted in a news story as saying, “By the end of 2013, prices had fallen dramatically, with

55-inch 4K TVs priced as low as $3,500.” By mid-2015, the same size 4K televisions could be purchased for $1,800. A student argues, “Sony and the other electronics firms failed to maximize profit by charging such high prices for 4K televisions in 2012. Hardly anybody can afford such prices. If they had charged $1,800 back then, they would have sold many more televisions and increased their profit.” Briefly explain whether you agree with the student’s analysis. Use a graph to illustrate your answer.

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