A Park charges $50 for students and $100 for everyone else. If the price elasticity of demand for nonstudents is estimated to be -1.5, what must be the price elasticity of demand for students assuming that the movie theater is charging the optimal third degree discriminated prices?

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Price Discrimination

Price discrimination or differential pricing is based on the principle that the seller will charge the buyer a price based on the buyer’s ability and willingness to pay for the product rather than applying uniform pricing for all.