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, Ă˘â‚¬Ĺ“By the end of 2013, prices had fallen dramatically, with
55-inch 4K TVs priced as low as $3,500.Ă˘â‚¬Âť By mid-2015, the same size 4K televisions could be purchased for $1,800. A student argues, Ă˘â‚¬Ĺ“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.Ă˘â‚¬Âť Briefly explain whether you agree with the studentĂ˘â‚¬â„˘s analysis. Use a graph to illustrate your answer.
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