By selling a television at $1,200 for which consumers are willing to pay up to $1,300, a consumer electronics firm makes a profit of $500 per unit. what is the economic value created in this scenario?

Michael works in an it firm that is well known for making innovative products. michael is asked to develop a product that would serve an unmet need. though he has many ideas for it, none of them quite fits the bill. he finally decides to stand back from the problem for a period of time and ceases to consciously think about the yet-to-be-developed product. after a week, as he looks over his notes, he realizes the solution. the period of time in which michael did not consciously work on the problem is referred to as