MindTap Economics, 1 term (6 months) Printed Access Card for Gwartney/Stroup/Sobel/Macpherson's Microeconomics: Private and Public Choice, 16th (MindTap Course List)
16th Edition
ISBN: 9781305648197
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 10, Problem 11CQ
To determine
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what are pricing tactics and examples? What are some forms of price discriminations?
Question
a) You might have experienced differential prices in your daily life. Please share your experience
and explain why the service providers were able to charge you different prices at different places?
b) How did the service provider, you benefited from, make the differential prices work?
c) Do you think Monopoly increases general welfare?
Explain the first degree of the price discrimination in the economy?
Chapter 10 Solutions
MindTap Economics, 1 term (6 months) Printed Access Card for Gwartney/Stroup/Sobel/Macpherson's Microeconomics: Private and Public Choice, 16th (MindTap Course List)
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Similar questions
- It is often said that a competitive market is more beneficial for the consumers as compared to the monopoly market. Why ? Explain.arrow_forwardHow does price discrimination play a role in the economy?How does the idea of price discrimination apply to an industry?arrow_forwardwhy price discrimination is profitable in the perfume market or industry ?arrow_forward
- Do you think price discrimination a socially acceptable or unacceptable practice and why?arrow_forwardWhat is the optimal price to charge?arrow_forwardIn terms of reality, could you show that it is easier for a firm to practice second-degree price discrimination than it is for a firm to practice first-degree price discrimination? If you can use a graph, that would help me understand thank you.arrow_forward
- Why are changes of prices of commodities is very responsive to the needs of the consumer? Is price discrimination considered as fair business practice. Why do companies tends to sell commodity to different buyers at different prices?arrow_forwardBased on the demand curve you showed in question 2 above, what is the minimum and maximum price you can charge for your product? This does not mean that you will, in fact, charge the minimum or maximum price. It simply gives you an idea of the range of prices your demand curve allows you to charge. What are the quantities corresponding to the minimum and maximum price? Please show your work and explain how you calculated these prices and quantities. The demand curve I showed in question 2: P-16-4Qarrow_forwardWhat is price discrimination?arrow_forward
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