Question

types of trains and discrimination based price but passengers travel same distance but pay difference rate

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Answer 1

Answer:

Product differentiation is the process used to distinguish one company's goods and services from another company's goods and services. ... Conversely, price discrimination is a strategy used to distinguish prices for the same goods and services.

Explanation:

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Answer 2

Answer:

Price discrimination is the practice of charging a different price for the same good or service. There are three types of price discrimination – first-degree, second-degree, and third-degree price discrimination.

First degree

First-degree price discrimination, alternatively known as perfect price discrimination, occurs when a firm charges a different price for every unit consumed.

The firm is able to charge the maximum possible price for each unit which enables the firm to capture all available consumer surplus for itself. In practice, first-degree discrimination is rare.

Second degree

Second-degree price discrimination means charging a different price for different quantities, such as quantity discounts for bulk purchases.

Third degree

Third-degree price discrimination means charging a different price to different consumer groups. For example, rail and tube travellers can be subdivided into commuter and casual travellers, and cinema goers can be subdivide into adults and children. Splitting the market into peak and off peak use is very common and occurs with gas, electricity, and telephone supply, as well as gym membership and parking charges.

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