What is price discriminations? What are its types?
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Price discrimination occurs when identical goods or services are sold at different prices from the same provider. There are three types of price discrimination: First degree – the seller must know the absolute maximum price that every consumer is willing to pay.
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Price discrimination is a strategy that consists of a business or seller charging a different price to various customers for the same product or service.It is one of the competitive practices used by larger, established businesses in an attempt to profit from differences in supply and demand from consumers.
A company can enhance its profits by charging each customer the maximum amount he is willing to pay, eliminating consumer surplus, but it is often a challenge to determine what that exact price is for every buyer. For price discrimination to succeed, businesses must understand their customer base and its needs, and there must be familiarity with the various types of price discrimination used in economics. The most common types of price discrimination are first, second and third degree discrimination
yur ans is here...
Price discrimination is a strategy that consists of a business or seller charging a different price to various customers for the same product or service.It is one of the competitive practices used by larger, established businesses in an attempt to profit from differences in supply and demand from consumers.
A company can enhance its profits by charging each customer the maximum amount he is willing to pay, eliminating consumer surplus, but it is often a challenge to determine what that exact price is for every buyer. For price discrimination to succeed, businesses must understand their customer base and its needs, and there must be familiarity with the various types of price discrimination used in economics. The most common types of price discrimination are first, second and third degree discrimination
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