Can you think of a healthcare firm that does NOT price discriminate (i.e., charge different customers...
Can you think of a healthcare firm that does NOT price discriminate (i.e., charge different customers different amounts for the same product)?
Homework Answers
No, in order to know whether the hospital is price discriminating or not, we have to check all the billing details and the pricing policies. This information is usually not disclosed. Medical treatment is made more complex by the involvement of third parties like insurance, medicare etc.
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Can you think of a healthcare firm that does NOT price
discriminate (i.e., charge different customers...
17. In order to price discriminate, a monopoly firm must be able to: a separate customers...
17. In order to price discriminate, a monopoly firm must be able to: a separate customers based on different elasticities of demand b. charge each customer the same price. c. incur a different cost for producing each unit of output. d. all of the above. 18. If DeBeers has a monopoly in the diamond market, then: a. DeBeers must be engaging in perfect price discrimination if it is charging every customer the same price for a diamond. b. the marginal...
Price discrimination occurs whenever firms charge different prices to different customers where these price differences are...
Price discrimination occurs whenever firms charge different prices to different customers where these price differences are not a reflection of costs differences. Why do some companies (firms) price discriminate? What are the conditions for price discrimination to occur? What are some real world examples of price discrimination?
Consider the problem of a monopolist who is selling to two different markets (and can discriminate...
Consider the problem of a monopolist who is selling to two different markets (and can discriminate betwenn markets). Each market has the following isoclastic inversc demand function, where €1 < €2 < -1 1 P2 y)ky 2 1 Considcr that the firm produccs the output for both markcts in the samc factory, such that its total cost of production is given by c(y2=a 1. Calculate the price elasticity for each market. How does it change with output? 2. Solve the...
DESCRIPTIVE EXAMPLES: Price discrimination occurs whenever firms charge different prices to different customers where these price...
DESCRIPTIVE EXAMPLES: Price discrimination occurs whenever firms charge different prices to different customers where these price differences are not a reflection of costs differences. Why do some companies (firms) price discriminate? à What are the conditions for price discrimination to occur? à and what are some real-world examples of price discrimination?
1 Your firm has two groups of customers that may be distinguished by their slightly different...
1 Your firm has two groups of customers that may be distinguished by their slightly different demand characteristics. Demand for type 1 customers: P=500-5q Demand for type 2 customers: P-250-25q, The cost of producing a unit of your firm's product is 100(q+q) A If it is feasible to charge different prices to the two types of customers, what prices should you charge? You are required to show what you are maximizing and how you get to your conclusion. If it...
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...
Figure 4: A Firm P Marginal Cost 21 18 Average Total Cost 15 14 12 1...
Figure 4: A Firm P Marginal Cost 21 18 Average Total Cost 15 14 12 1 Marginal Revanue Demand > Q 0 30 40 50 60 d) (3 points) Assuming that this firm can not price discriminate, calculate this firm's profit (shade in and label the area on the graph representing the firms profit for partial credit if you cannot get a numerical answer.) e) (3 points) Assuming that this firm can not price discriminate, calculate the dead weight loss...
Profit maximization and loss minimization BYOB is a monopolist in beer production and distribution in the imaginary economy of Hopsville. Suppose that BYOB cannot price discriminate; that is, it sells its beer at the same price per can to all customers. T
. Profit maximization and loss minimizationBYOB is a monopolist in beer production and distribution in the imaginary economy of Hopsville. Suppose that BYOB cannot price discriminate; that is, it sells its beer at the same price per can to all customers. The following graph shows the marginal cost (MC), marginal revenue (MR), average total cost (ATC), and demand (D) for beer in this market.Place the black point (plus symbol) on the graph to indicate the profit-maximizing price and quantity for...
11. If the individual firm tried to charge a higher price for its product: a) other firms would charge a lower price...
11. If the individual firm tried
to charge a higher price for its product:
a) other firms would charge a
lower price
b) other firms would also chatge
a higher price
c) it would lose its
customers
d) the market price would
rise
12. The individual firm has no
incentive to charge a lower price for its product because:
a) the effect on revenue and
profit is unpredictable
b) revenue and profit would be
unchanged
c) revenue and profit would...
Why do marketers charge customers different prices for the same product or service? Explain how this...
Why
do marketers charge customers different prices for the same product
or service? Explain how this type of pricing is implemented and the
conditions under which it is effective.
1. Why do marketers charge customers different prices for the same product or service Explain how this type of pricing is implemented and the conditions under which it is effective. 10. Having earned a bonus at his work, Rick placed the money in an investment earning 4.18% compounded monthly. He withdrew...
17. In order to price discriminate, a monopoly firm must be able to: a separate customers based on different elasticities of demand b. charge each customer the same price. c. incur a different cost for producing each unit of output. d. all of the above. 18. If DeBeers has a monopoly in the diamond market, then: a. DeBeers must be engaging in perfect price discrimination if it is charging every customer the same price for a diamond. b. the marginal...
Consider the problem of a monopolist who is selling to two different markets (and can discriminate betwenn markets). Each market has the following isoclastic inversc demand function, where €1 < €2 < -1 1 P2 y)ky 2 1 Considcr that the firm produccs the output for both markcts in the samc factory, such that its total cost of production is given by c(y2=a 1. Calculate the price elasticity for each market. How does it change with output? 2. Solve the...
1 Your firm has two groups of customers that may be distinguished by their slightly different demand characteristics. Demand for type 1 customers: P=500-5q Demand for type 2 customers: P-250-25q, The cost of producing a unit of your firm's product is 100(q+q) A If it is feasible to charge different prices to the two types of customers, what prices should you charge? You are required to show what you are maximizing and how you get to your conclusion. If it...
Figure 4: A Firm P Marginal Cost 21 18 Average Total Cost 15 14 12 1 Marginal Revanue Demand > Q 0 30 40 50 60 d) (3 points) Assuming that this firm can not price discriminate, calculate this firm's profit (shade in and label the area on the graph representing the firms profit for partial credit if you cannot get a numerical answer.) e) (3 points) Assuming that this firm can not price discriminate, calculate the dead weight loss...
11. If the individual firm tried
to charge a higher price for its product:
a) other firms would charge a
lower price
b) other firms would also chatge
a higher price
c) it would lose its
customers
d) the market price would
rise
12. The individual firm has no
incentive to charge a lower price for its product because:
a) the effect on revenue and
profit is unpredictable
b) revenue and profit would be
unchanged
c) revenue and profit would...
Why
do marketers charge customers different prices for the same product
or service? Explain how this type of pricing is implemented and the
conditions under which it is effective.
1. Why do marketers charge customers different prices for the same product or service Explain how this type of pricing is implemented and the conditions under which it is effective. 10. Having earned a bonus at his work, Rick placed the money in an investment earning 4.18% compounded monthly. He withdrew...
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