Summit Products, Incorporated is interested in producing and selling an improved widget Market research indicates that customers would be willing to pay $90 for such a widget and that 50,000 units could be sold each year at this price. The current cost to produce the widget is estimated to be $65. At a price of $80, Summit's market research indicates that it can sell 60,000 units per year. Assuming Summit can reach its new target cost, how will Summit's profit at the $80 price compare to what it would have earned in the absence of the competitor's product? Multiple Choice Profit will be $75,000 higher. Profit will be $75,000 lower. Profit will be unaffected if Summit can reach the revised target cost. Profit will be $37,500 higher