Homework Answers
Both 2 and 3 are true.
Price discrmination means charging different price from different customers for the same product.
As Josh can completely discover the willingness of the customer to pay, and may use the policy of personal price discrimination to charge higher from the people, given their higher willingness to pay.
Josh can also charge different prices from different customers using various price discrimination policies such as place price discrimination or use price discrmination.
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service business. He is 1. price discrimination is not possible 2 price discrimination is possible because...
Josh operates a funeral service business. He is able to sell coffins to his clients. In...
Josh operates a funeral service business. He is able to sell coffins to his clients. In this situation: 1. price discrimination is not possible. 2. price discrimination is possible because Josh can discover a client's willingness to pay. 3. price discrimination is possible as Josh could sell the same coffin to different groups of customers at different prices. Which of the above statements are true: O Only 1 is true. O Only 2 is true. Both 1 and 2 are...
QUESTION 1 Which of the following conditions is NOT required for successful direct price discrimination? A....
QUESTION 1 Which of the following conditions is NOT required for successful direct price discrimination? A. The seller must be able to prevent arbitrage between low-value and high-value buyers B. The seller should charge higher prices to high-value buyers C. The seller must offer different products for high-value and low-value groups of consumers D. The seller must be able to identify customers as high-value or low-value buyers QUESTION 2 Under a version of direct price discrimination, the seller is able...
a. First-degree price discrimination involves a firm charging different prices: based on the firm's ability to segm...
a. First-degree price discrimination involves a firm charging different prices: based on the firm's ability to segment the market into two or more groups to each customer based on race, religion, or other individual characteristic based on the quantity of a good or service purchased. to each customer based on his or her willingness and ability to pay. b. Which of the following purchases is an example of first-degree price discrimination? A big-box store offering a discount for people who...
QUESTION 5: THIRD DEGREE PRICE DISCRIMINATION (20pt) A monopolist engages in third degree price discrimination.There are...
QUESTION 5: THIRD DEGREE PRICE DISCRIMINATION (20pt) A monopolist engages in third degree price discrimination.There are 2 types of consumers, and the monopolist wants to sell to both groups. The monopolist is allowed to charge different prices and hence engages in third degree price discrimination. The demand curve for each group (the entire group) is as follows 01 500 10P Q2 200-5P2 The total cost function is TC 2000+10Q (a) What price does this firm charge to each group? (b)...
Statement 1: In oligopoly markets, the firms do NOT produce at the lowest possible cost (i.e.,...
Statement 1: In oligopoly markets, the firms do NOT produce at the lowest possible cost (i.e., lowest point on the average total cost (ATC) curve). Statement 2: Social surplus is NOT maximized in oligopoly markets. Statement (1) is true; statement (2) is false. Both statements (1) and (2) are tru. Both statements (1) and (2) are false. Statement (1) is false; statement (2) is true. Which of the following is the set of laws (legislation) that prohibits the formation of...
A fast-food restaurant has identified three primary groups willing to purchase its meals. However, customers are...
A fast-food restaurant has identified three primary groups willing to purchase its meals. However, customers are willing to purchase only one meal each. The table shows the total number of meals bought at three different prices. The number of consumers is the total number of buyers at each price level. Group Number of consumers Willingness to pay High 350 $5.50 Medium 500 $4 Low 750 $2 The restaurant can produce a meal with no fixed costs and a constant marginal...
Question 24 2 pts Refer to the following table to answer the following questions: Willingness to...
Question 24 2 pts Refer to the following table to answer the following questions: Willingness to Pay for Bottled Water Quantity City A City B City C 1 $20 $15 $14 2 $17 $13 $13 3 $14 $11 $12 4 $11 $9 $11 5 $8 $7 $10 Marginal Cost $0 Kaleb is the only provider of bottled water for three cities. Because he has access to a natural spring, the marginal cost to produce an additional bottle is $0. Imagine...
a monopolistic firm sells it product to two types of customers , business customers and other...
a monopolistic firm sells it product to two types of customers , business customers and other customers . its total cost are given by Tc=20+2Q , where Q denotes total output . the total demand of business customers is given by Q^3 =14-P .The total demand of other customers is given by Q^T=5-0.5P . Assuming that third degree price discrimination between the two groups is possible. Calculate the prices that the firm will charge each group , the amount it...
6. Examples of price discrimination Complete the following table by indicating whether or not each scenario...
6. Examples of price discrimination Complete the following table by indicating whether or not each scenario is an example of price discrimination. Hint: In order to determine if a scenario is an example of price discrimination, think about if the market can be segmented into two groups that pay different prices for the same good. Scenario Price Discrimination Yes No Last-minute "rush" tickets can be purchased for most Broadway theater shows at a discounted price. They are typically distributed via...
6. Examples of price discrimination Complete the following table by indicating whether or not each scenario...
6. Examples of price discrimination Complete the following table by indicating whether or not each scenario is an example of price discrimination. Hint: To determine whether a scenario is an example of price discrimination, think about whether the market can be segmented into two groups that pay different prices for the same good. Price Discrimination Yes No Scenario A local boutique is having a sale on sweaters, but customers are not aware of the sale until they are already in...
Josh operates a funeral service business. He is able to sell coffins to his clients. In this situation: 1. price discrimination is not possible. 2. price discrimination is possible because Josh can discover a client's willingness to pay. 3. price discrimination is possible as Josh could sell the same coffin to different groups of customers at different prices. Which of the above statements are true: O Only 1 is true. O Only 2 is true. Both 1 and 2 are...
a. First-degree price discrimination involves a firm charging different prices: based on the firm's ability to segment the market into two or more groups to each customer based on race, religion, or other individual characteristic based on the quantity of a good or service purchased. to each customer based on his or her willingness and ability to pay. b. Which of the following purchases is an example of first-degree price discrimination? A big-box store offering a discount for people who...
QUESTION 5: THIRD DEGREE PRICE DISCRIMINATION (20pt) A monopolist engages in third degree price discrimination.There are 2 types of consumers, and the monopolist wants to sell to both groups. The monopolist is allowed to charge different prices and hence engages in third degree price discrimination. The demand curve for each group (the entire group) is as follows 01 500 10P Q2 200-5P2 The total cost function is TC 2000+10Q (a) What price does this firm charge to each group? (b)...
Statement 1: In oligopoly markets, the firms do NOT produce at the lowest possible cost (i.e., lowest point on the average total cost (ATC) curve). Statement 2: Social surplus is NOT maximized in oligopoly markets. Statement (1) is true; statement (2) is false. Both statements (1) and (2) are tru. Both statements (1) and (2) are false. Statement (1) is false; statement (2) is true. Which of the following is the set of laws (legislation) that prohibits the formation of...
Question 24 2 pts Refer to the following table to answer the following questions: Willingness to Pay for Bottled Water Quantity City A City B City C 1 $20 $15 $14 2 $17 $13 $13 3 $14 $11 $12 4 $11 $9 $11 5 $8 $7 $10 Marginal Cost $0 Kaleb is the only provider of bottled water for three cities. Because he has access to a natural spring, the marginal cost to produce an additional bottle is $0. Imagine...
6. Examples of price discrimination Complete the following table by indicating whether or not each scenario is an example of price discrimination. Hint: To determine whether a scenario is an example of price discrimination, think about whether the market can be segmented into two groups that pay different prices for the same good. Price Discrimination Yes No Scenario A local boutique is having a sale on sweaters, but customers are not aware of the sale until they are already in...
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